Malaysian sovereign wealth fund reports record gains, acquisition

Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, reported a 24.3% jump in the net value of its investment portfolio in 2012, a profit before taxes of 2.1 billion ringgit, and a dividend payout to the Malaysian government of 1.0 billion ringgit. Khazanah cited its property development investments in Malaysia as well as initial public offerings by portfolio companies IHH Healthcare Berhad and cable-TV network Astro Malaysia Holdings Berhad as factors contributing to its annual gains. In a separate announcement, Khazanah and Sun Life Financial Inc. announced plans to acquire insurance joint ventures CIMB Aviva Assurance Berhad and CIMB Aviva Takaful Berhad for C$586 million (US$594 million) from Aviva PLC. The deal is expected to close during the first half of 2013.

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