Business

PNB to announce sale of another company in December

November 20, 2012

KUALA LUMPUR, Nov 20 – Permodalan Nasional Bhd (PNB) will be announcing the sale of another company latest by end of next month, said its President and Group Chief Executive, Tan Sri Hamad Kama Piah Che Othman.

The process might take a while considering that it involves a company which is under a public listed company owned by PNB and which is considerably larger than the other four companies announced for sale previously, he said.

“An announcement will be made by the company itself,” he said, declining to give further details on the matter.

Hamad Kama Piah was speaking to reporters after announcing income dividend for the Amanah Saham Nasional 3 Imbang unit trust fund here today.

In May this year, PNB had announced its plans to sell FEC Cables Sdn Bhd and three more companies through its investee company, UMW Holdings Bhd, namely U-Travelwide Sdn Bhd, U-Insurance Sdn Bhd and Inobel Sdn Bhd, for which the advertisements were made in July.

“On FEC Cables, we had opened up opportunities for interested investors to take over the company but found that while all the bidders had basically shown interest, none of them fulfilled the criteria set by the selection panel.

“Now, we will be opening the opportunity to other bidders. The three units under UMW Holdings, are still under the process of finding the suitable bidder,” said Hamad Kama Piah.

The disposal of the five companies by PNB is in response to the Malaysian government’s call for increasing the equaity and participation of Bumiputeras in the country. – Bernama

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