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The Khazanah Report 2019 Growing Malaysia’S Long-Term Wealth TABLE of CONTENTS

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The Khazanah Report 2019 Growing Malaysia’S Long-Term Wealth TABLE of CONTENTS The Khazanah Report 2019 Growing Malaysia’s Long-Term Wealth TABLE OF CONTENTS A Fully Digital Report CHAPTER 1 Introduction & Overview CHAPTER 2 Corporate Governance As part of our sustainability efforts and move towards digitisation, we will no longer print CHAPTER 3 Performance The Khazanah Report. You may now view the Review report via our website or click the QR code to download this report. Our website: https://www.khazanah.com.my/ our-performance/the-khazanah- CHAPTER 4 Our report/ Investments How To Navigate This annual report is an interactive PDF. Follow the tools below for ease of navigation CHAPTER 5 People & of the report. Knowledge Previous Next Print Table of Links Page Page Contents 2 CHAPTER 1 Introduction & Overview 3 Introduction The Khazanah Report 2019 highlights the vision, goals and strategies that define Khazanah Nasional Berhad’s (Khazanah) role as the sovereign wealth fund of Malaysia. The Malay word Khazanah traces its origin from an Arabic word, which means “treasure”. The word is also found in other languages carrying the same meaning. Put together, the name Khazanah Nasional means “national treasure”. The cover of The Khazanah Report 2019 draws inspiration from our mandate in growing the nation’s long-term wealth to safeguard the needs of future generations. The images depict the way we have transformed industries, economies and communities. Focused on growing intergenerational wealth, we take lessons from the past, plant the seeds today and create an impact tomorrow in moving the nation forward. This report is available online at www.khazanah.com.my July 2020 4 Who We Are OBJECTIVES COMMERCIAL STRATEGIC Grow financial assets Hold strategic assets Khazanah Nasional Berhad (Khazanah) was and diversify revenue that bring long-term incorporated under the Companies Act 1965 on sources for the nation economic benefit 3 September 1993 as a public limited company and began operations a year later. Except for one share owned by the Federal Land Commissioner, all the share capital of Khazanah is owned by the Ministry of Finance Incorporated. OUR MANDATE Our listed portfolio includes Axiata Group Berhad, Khazanah’s role CIMB Group Holdings Berhad, IHH Healthcare Berhad, Malaysia Airports Holdings Berhad, UEM is to grow Malaysia’s Sunrise Berhad, Telekom Malaysia Berhad and long-term wealth Tenaga Nasional Berhad. In 2018, Datuk Shahril Ridza Ridzuan was Our Mandate appointed as the Managing Director of Khazanah to OUR PHILOSOPHY lead the corporate restructuring and reorganisation, KHAZANAH’S MANDATE IS TO GROW MALAYSIA’S LONG-TERM WEALTH. and to execute a refreshed mandate and objectives. Attain appropriate risk-adjusted He reports to the Board of Directors, chaired by Grow in this context is to sustainably increase the value of investments while safeguarding financial capital financial returns Malaysia’s current Prime Minister Tan Sri Muhyiddin injected into the fund. Long-term refers to a period spanning generations and focuses on ensuring future Mohd Yassin. generations’ ability to meet their needs. Wealth refers to the value of Khazanah’s financial assets and economic Generate sustainable returns development outcomes for the nation. We achieve our mandate by pursuing two investment objectives – commercial and strategic. Integrate ethical and responsible • Commercial objective investing considerations Achieve optimal risk-adjusted returns, to grow financial assets and diversify sources of revenue for the nation. • Strategic objective Undertake strategic investments with long-term economic benefits for Malaysia and Malaysians, including holding strategic national assets. 5 2019 in Review 2019 saw several key events and transactions undertaken by Khazanah. These include corporate exercises, strategic investments and divestments. MARCH APRIL JUNE JULY SEPTEMBER OCTOBER DECEMBER 5 MARCH 10 APRIL 26 JUNE 12 JULY 16 SEPTEMBER 3 OCTOBER 11 DECEMBER Khazanah Annual Launch of “The Status Appointment of Placement of RM2.0 b UEM Group’s Launch of Launch of “Demarcating Review 2019 of the Paddy and Rice To’ Puan Azian Mohd Aziz, Exchangeable Bond with divestment of 55% “Time to Care: Gender Households: An & Announcement of Industry in Malaysia” Prof Xiao’ou Tang and CIMB as underlying shares stake in PT Lintas Inequality, Unpaid Integrated Income and Khazanah Refreshed report Lau Seng Yee as new Marga Sedaya Care Work and Time Consumption Analysis” Mandate members of the Use Survey” report report Board of Directors DEMARCATING HOUSEHOLDS: AN INTEGRATED INCOME AND 15 JULY CONSUMPTION ANALYSIS Divestment of 40% 17 SEPTEMBER stake in Malaysia Khazanah entered into Shoaiba Consortium 5 MARCH agreement to divest 100% of Prince Court Launch of “Structure of Medical Centre to IHH the Malaysian Economy: 29 JULY KHAZANAH RESEARCH INSTITUTE i An Input-Output M+S Pte Ltd’s Healthcare Berhad Analysis” report 25 APRIL divestment of Duo Launch of “Rethinking office and retail space 7-8 OCTOBER Housing: Between Khazanah Megatrends State, Market and Forum 2019 Society” report 8 OCTOBER M+S Pte Ltd’s divestment of Andaz Singapore at Duo 6 Chairman’s Message Bismillahirrahmanirrahim, us. It is a hallmark of our people that we times, even as the world becomes more unite to meet any adversity that comes interconnected than ever. Nevertheless, The year 2019 was punctuated by much before us, and in the process, we become Khazanah as the sovereign wealth fund uncertainty in the global landscape, which stronger together. of Malaysia will forge ahead in pursuing saw a prolonged Brexit process as well as its long-term investment objectives and a heightening of tensions that impacted Alhamdulillah, we have been successful so fulfilling its mandate. In this regard, I am international trade and the global economy. far in bringing the situation under control, confident that Khazanah will remain resilient We ended the year with the start of the thanks in large part to the selfless dedication while continuing to uphold good governance COVID-19 pandemic, which spread to many and sacrifice of those who are at the and strong risk management to deliver long- countries around the world. Alhamdulillah, frontlines. We owe them no small amount term sustainable returns for the country. despite the volatility and uncertainty, of gratitude. In this regard, we have also On its part, the Government will continue Malaysia’s Gross Domestic Product (GDP) been successful because of the support and to lead responsibly in implementing the grew 4.3% in 2019, as we continued further self-discipline of Malaysians in complying necessary measures to not only address the down the path of long-term social and with the measures and guidelines that we immediate challenges, but to also ensure economic progress and development. introduced to mitigate the spread of the that the fundamentals of our economy coronavirus and help break the chain of remain in good stead for continued growth. I’m pleased to see Khazanah also reporting infection. All of us look forward to the day We are confident that we are doing what is a strong performance in 2019, achieving when Malaysia and the world are free of right for the nation’s sustained progress. record profits and robust portfolio gains COVID-19. while having to navigate an environment As Chairman of Khazanah, I would like to of low returns and generally slower global As Prime Minister, I am fully aware that take this opportunity to thank the senior economic growth. Khazanah has shown during times of uncertainty, Malaysians management and staff for their continuous resilience and tenacity in these trying times look to the Government to provide security, passion, commitment and hard work. I to achieve significant progress in delivering safety and stability to their lives. Like other would also like to thank the Board members KHAZANAH WILL REMAIN on its mandate to grow Malaysia’s long-term countries, Malaysia has been impacted by for their contribution and guidance to wealth. It is these characteristics that will the effects and fallout from the pandemic, Khazanah. The journey ahead is a demanding RESILIENT WHILE CONTINUING also enable us as a country to overcome the which has brought about a grim global one, but with perseverance and dedication, TO UPHOLD GOOD challenges posed by the COVID-19 pandemic. economic outlook. It is the Government’s we will succeed, Insya-Allah. duty to steer the country through the current GOVERNANCE AND STRONG In the face of it all, the Government has environment and ensure that the nation implemented comprehensive measures and recovers quickly and emerges stronger. Rest RISK MANAGEMENT TO DELIVER initiatives across our society and economy, assured, the Government is doing all it can in order to protect lives and preserve the and will continue do all that’s necessary. LONG-TERM SUSTAINABLE livelihoods of all Malaysians. It is also heartening to see many of us, from all walks Moving forward, I am also aware Khazanah RETURNS FOR THE COUNTRY of life, stepping forward and coming together faces a tough year with the current TAN SRI MUHYIDDIN MOHD YASSIN to contribute and volunteer their time, effort conditions in both the global and domestic Chairman and resources to help those in need amongst markets. We are living in unprecedented July 2020 7 Board of Directors TAN SRI MUHYIDDIN MOHD YASSIN TENGKU DATO’ SRI ZAFRUL TENGKU ABDUL AZIZ Chairman Director Tan Sri Muhyiddin Mohd Yassin was appointed as the Chairman of Tengku Dato’ Sri Zafrul Tengku Abdul Aziz was appointed as a Board Khazanah effective 1 April 2020. He is the current Prime Minister of member of Khazanah effective 1 April 2020. He is currently the Minister Malaysia and was Deputy Prime Minister of Malaysia from 2009 to 2015. of Finance of Malaysia and a Senator of Dewan Negara, the upper He had also held various ministerial posts since 1995, including Minister house of the Malaysian Parliament. Tengku Zafrul has over 22 years of of Youth and Sports, Minister of Domestic Trade and Consumer Affairs, experience in the banking and finance industry.
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