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Khazanah pursuing long-term targets on refreshed mandate

Cindy Yeap
Cindy Yeap • 9 min read
Khazanah pursuing long-term targets on refreshed mandate
Those who have been paying attention would remember that Khazanah’s headline RM6.271 billion pretax losses for 2018 had followed a strategic review of its investments, which resulted in a RM7.3 billion impairment provision that year.
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(Mar 13): There was no fanfare accompanying Khazanah Nasional’s announcement of a record-high operating profit in the first full year of its refreshed mandate last Monday. The announcement coincided with Muhyiddin Yassin’s first day at work as the country’s eighth prime minister as well as news that one of its executive directors had tested positive for Covid-19.

Unlike last year, there were no heated social media exchanges by politicians this year on Khazanah’s (under)performance. Former Economic Affairs minister Mohamed Azmin Ali recorded a simple “kudos” to Khazanah’s senior management team and staff “for delivering such a strong performance for 2019” on his social media channels on March 1.

At the time of writing, there had been no comeback on former prime minister Najib Razak’s Facebook post about how the value of Khazanah’s net assets rose from 2008 to its record high in 2017 under his regime but fell under the seventh prime minister Dr Mahathir Mohamad.

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