Monday, March 19, 2012

CIMB ... Mar12

Khazanah Nasional Bhd has increased its stake in Malaysia 's second biggest banking group, CIMB Group Holdings Bhd, by 1% to 29.9% in an open market purchase.

Why is Khazanah acting contrary to its long-term objective of slowly divesting stakes in certain government linked companies (GLCs) under a 10-year GLC transfomation programme? Earlier reports also indicated that Khazanah had divested some of these stakes to foreign parties.

Sources indicated that the purchase on 07 March 2012 could be a prelude to a bigger objective by the sovereign wealth fund which viewed CIMB as a “core competitive asset” in its portfolio.

CIMB is also part of Khazanah's larger strategy of rebalancing its portfolio in line with the times.

Khazanah has been a net-seller in the market in 2011, this move is a prelude for their re-investment into suitable investments. Khazanah had, in 2011, made 13 investments amounting to RM5.8bil but divested eight companies, a move which brought in proceeds of RM7.7bil. Through this process, Khazanah had generated gains amounting to RM2bil. The net gain of RM2bil will need to find its way into the market again, into new avenues of growth.

This purchase of a stake in CIMB is part of Khazanah's strategy of seeking new sources of growth.

In early 2012, Khazanah managing director Tan Sri Azman Mokhtar said the longer term aim for its companies was to “drive them to become regional champions”.

Khazanah has been net sellers of its portfolio in the past few years (prior to early 2012). In the meantime, they are also buying into new growth engines.

Khazanah aims for three of its companies to be transformed into regional champions - Axiata Group Bhd, CIMB and Integrated Healthcare Holdings which is about to be listed sometime in 2012.

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