Khazanah Nasional

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Khazanah Nasional Berhad
Sovereign wealth fund investment company
IndustrySovereign wealth fund
HeadquartersKuala Lumpur, Malaysia
Key people
Mahathir Mohamad, Chairman
Shahril Ridza Ridzuan, managing director
RevenueProfit Before Tax: RM2.89 billion (2017)
Total assetsRealiasable Asset Value: RM157.2 billion (2017)
OwnerGovernment of Malaysia
ParentMalaysian Ministry of Finance

Khazanah Nasional Berhad is the sovereign wealth fund of the Government of Malaysia, entrusted with growing the nation's long-term wealth via distinct commercial and strategic objectives. Khazanah's commercial objective is to grow financial assets and diversify revenue sources for the nation, while its strategic objective is to hold strategic assets that bring long-term economic benefits. Khazanah is guided by its investment philosophy which emphasises attaining appropriate risk-adjusted financial returns, generating sustainable returns, and integrating ethical and responsible investing considerations.

Khazanah is a member of the International Forum of Sovereign Wealth Funds,[1] which maintains and promotes the Santiago Principles on best practices in managing sovereign wealth funds. It is also a signatory of the United Nations-supported Principles for Responsible Investment (UNPRI), signatory of the Malaysian Code for Institutional Investors and a member of the Institutional Investor Council Malaysia (IIC), member of FCLTGlobal (Focusing Capital on the Long Term), and signatory of the Malaysian Anti-Corruption Commission’s (MACC) Corporate Integrity Pledge.

Khazanah was incorporated under the Companies Act, 1965 in Malaysia on 3 September 1993 as a public limited company and commenced operations a year later. Khazanah is owned by the Malaysian government and administered by the Minister of Finance Incorporated, except for one share held by the Federal Land Commissioner. It is governed by a board of directors comprising representatives from the Government and the corporate sector with diverse professional backgrounds and expertise.

In 2018, Khazanah registered a proforma Loss Before Tax of RM6.271 billion [2]. Its portfolio realisable asset value (RAV) declined to RM136 billion from RM157 billion in 2017, while its portfolio net worth adjusted (NWA) declined to RM91 billion from RM116 billion in 2017.



Khazanah was incorporated under the Companies Act 1965 on 3 September 1993 as a public limited company and commenced operations a year later. Except for one share owned by the Federal Land Commissioner, all the share capital of Khazanah is owned by the Minister of Finance Incorporated, a body incorporated pursuant to the Minister of Finance (Incorporation) Act 1957.

A refreshed mandate

In 2018, the Government of Malaysia initiated a corporate restructuring and reorganisation of Khazanah, which involved leadership changes, a refresh of its mandate and objectives, and a review and revaluation of its investments[3]. The leadership changes saw the appointment of Datuk Shahril Ridza Ridzuan as managing director.[4]

Leadership and governance[edit]

Board of directors

Khazanah is governed by its board of directors, which is led by Tun Dr. Mahathir Mohamad, former prime minister of Malaysia, as chairman of the board. The board members comprise representatives from the Government as well as the corporate sector with diverse professional backgrounds and expertise. The managing director reports to the board.

List of chairmen and managing directors
Chairman Year appointed Managing director Year appointed
Tun Dr. Mahathir Mohamad 1994 Tan Sri Dato' Mohd Sheriff Mohd Kassim 1994
Tun Abdullah Ahmad Badawi 2003 Dato' Anwar Aji 2003
Dato' Sri Mohd Najib Abdul Razak 2009 Tan Sri Datuk Wira Azman Hj Mokhtar 2004
Tun Dr. Mahathir Mohamad 2018 Datuk Shahril Ridza Ridzuan 2018

The board meets regularly and is ultimately accountable and responsible for Khazanah's overall governance and performance.[5] A Board Charter sets out the roles and responsibilities of the board in overseeing the management of Khazanah.

Khazanah is guided by a framework that establishes a responsibility, authority and governance structure. Its Governance and Risk Management Framework comprises a Risk Management Policy, Schedule of Matters for the Board, Limits of Authority for the management, Code of Conduct for employees, and operational Policies and Procedures.

Board members



  • Dato' Sri Mohamed Azmin Ali, Senior Minister and Minister of International Trade and Industry of Malaysia
  • Mr. Goh Ching Yin, independent and non-executive director at Shangri-La Hotels (Malaysia) Bhd[6]
  • To’ Puan Azian binti Mohd Aziz, Head of Advisory Division, Attorney General’s Chambers
  • Professor Xiao’ou Tang, founder of SenseTime
  • Mr. Lau Seng Yee, Chairman of Group Marketing and Global Branding, Senior Executive Vice President, Tencent Holdings Inc.
Management team
  • Managing Director – Datuk Shahril Ridza Ridzuan[4]
  • Deputy Managing Director – Ahmad Zulqarnain Onn
  • Deputy Managing Director – Tengku Dato’ Sri Azmil Zahruddin Raja Abdul Aziz
  • Executive Director, Head, Public Markets and Head, Research – Datuk Hisham Hamdan
  • Executive Director and Head, Private Markets (North America and EMEA) – Nik Rizal Kamil [7]
  • Executive Director and Head, Leisure & Tourism – Roni Lihawa Abdul Wahab [7]
  • Executive Director and Head, Private Markets (Southeast Asia & Private Funds Group) – Serena Tan Mei Shwen [7]
  • Executive Director and Head, Private Markets (North Asia) – Bryan Lim
  • Executive Director, Head, Power and Head, Iskandar – Amran Hafiz Affifudin
  • Executive Director and Head, Special Projects Office – Mohd Izani Ashari
  • Executive Director and Chief Financial Officer – Faridah Bakar Ali [7]
  • Executive Director, Head, Corporate & Support Services, Company Secretary and Head, Legal – Dato' Mohamed Nasri Sallehuddin[8]
  • Executive Director and Head, Strategic Human Capital Management – Latifah Daud
  • Head, Governance, Risk & Compliance – Suhana Dewi Selamat [7]
  • Head, Telecommunications - Dr. Farid Mohamed Sani
  • Head, Real Assets - Selvendran Katheerayson
  • Head, Infrastructure - Wong Shu Hsien
  • Head, Corporate Communications - Mohd Raslan Md Sharif

Portfolio companies[edit]

Khazanah's investee companies are involved in various sectors (as at 31 December 2017; list is not exhaustive).[9]


  • Agrifood Resources (100%)
  • Malaysian Agrifood Corp (MAFC) (100%)
  • Blue Archipelago (100%)
  • Biotropics (100%)
  • The Holstein Milk Company (30%)


Creative & Media

  • Granatum Ventures (100%)
  • ASTRO Malaysia Holdings (20.7%)
  • Iskandar Malaysia Studios (99.4% owned by Granatum Ventures)

Financial Services

  • CIMB Group (27.3%)
  • IDFC (9.5%)
  • Avicennia Capital (100%)
    • Sun Life Malaysia Assurance (49% owned by Avicennia Capital)
    • Sun Life Malaysia Takaful (49% owned by Avicennia Capital)
    • Acibadem Sigorta (100% owned by Avicennia Capital)
  • ACR Capital (24%)
  • Jadwa Investment (10.3%)
  • Bank Muamalat (30%)
  • ValueCap (33.3%)
  • Fajr Capital (19.1%)
  • BDO Unibank (3.9%)


  • IHH Healthcare (42.3%)
  • Acibadem (60% owned by IHH, 15% by Khazanah)
  • ReGen (60%)

Infrastructure & Construction

  • UEM Group (100%)
    • PLUS Malaysia (51% owned by UEM Group)
    • UEM Builders (100% owned by UEM Group)
    • Cement Industries of Malaysia (CIMA) (100% owned by UEM Group)
    • UEM Edgenta (69.1% owned by UEM Group)

Innovation & Technology

Life Sciences

  • Xeraya Capital (100%)

Leisure & Tourism

  • Themed Attractions Resorts & Hotels (100%)


  • Tenaga Nasional (28.9%)
  • Shuaibah Water & Electricity Company (6% owned by Tenaga Nasional, 12% by Khazanah)


  • UEM Sunrise (66.1% owned by UEM Group)
  • Iskandar Investment Berhad (60%)
  • Iskandar Ventures (100%)
  • Medini Iskandar Malaysia (40% owned by Iskandar Ventures, 20% owned by Iskandar Investment Berhad)
  • M+S Pte Ltd (60%)
  • Sunway Iskandar (40%)
  • Pulau Indah Ventures (50%)
  • Southern Marina (30%)
  • Putrajaya Holdings (15.6%)
  • 8990 Holdings (8.6%)

Sustainable Development

  • Cenviro (100%)
  • Cenergi Southeast Asia (92.9%)
  • Beijing Enterprises Water Group (4.6%)


  • Axiata (37.3%)
  • Telekom Malaysia (26.2%)
  • edotco (10.6% owned by Khazanah, 63% owned by Axiata)
  • Pulau Kapas Ventures (30%)
  • TIME dotCom (30.5% owned by Pulau Kapas Ventures, 11.2% by Khazanah)


  • John Keells (10.2%)
  • LeapEd (100%)
  • i2M Ventures (100%)


  1. ^ International Forum of Sovereign Wealth Funds. "IFSWF Our members". Archived from the original on 27 September 2016. Retrieved 24 September 2016.
  2. ^ "Khazanah Annual Review 2019". Khazanah Nasional Berhad.
  3. ^ "Khazanah Annual Review 2019 presentation".
  4. ^ a b "Khazanah appoints Datuk Shahril Ridza Ridzuan as Managing Director". Khazanah Nasional Berhad. 3 August 2018.
  5. ^ "Our Governance and Accountability Framework". The Khazanah Report 2017. 1 May 2018.
  6. ^ "Azmin, Hassan Merican, Sukhdave appointed to Khazanah board". Bernama. Borneo Post. 30 July 2018. Retrieved 30 July 2018.
  7. ^ a b c d e "Khazanah announces appointments and changes to refresh and further strengthen Senior Leadership Team". 28 April 2017.
  8. ^ "Tengku Hassanal Ibrahim Alam Shah Leads Recipients Of Pahang State Awards". 24 October 2016.
  9. ^ "Selected portfolio of companies". Khazanah Nasional Berhad.