Biggest Malaysia state fund said to renew exchangeable bond sale plan
[KUALA LUMPUR] Malaysia's Permodalan Nasional Bhd (PNB) is considering reviving an exchangeable bond sale that it had explored six years ago to raise funds to expand overseas, people with knowledge of the matter said.
State-owned PNB is working with financial advisers on the potential offering of exchangeable bonds, which are notes backed by shares in a listed company, according to the people, who asked not to be identified because the process is private. It would be PNB's first exchangeable bond sale, they said.
PNB is still deliberating and has not decided on the underlying stock or size and timing of a sale, the people said.
In response to a Bloomberg News query on the matter, PNB said it continuously evaluates options as part of an asset diversification strategy aimed at delivering sustainable returns.
PNB had RM347 billion (S$106 billion) assets under management as of Dec 24. Its investments include stakes in Malayan Banking, conglomerate Sime Darby and developer SP Setia. PNB also has holdings in Axiata Group, CIMB Group Holdings and Telekom Malaysia, among others.
PNB explored an exchangeable bond sale in 2019, Bloomberg reported, but a change in leadership and the Covid pandemic put the brakes on that plan. BLOOMBERG
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Straits Times
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- Straits Times
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A desire to contribute Two other first-time farmers also ventured into the trade after witnessing the impact of Covid-19 on food security in Singapore, which imports more than 90 per cent of its food. While the country's key strategy is to diversify its sources, then Minister for Trade and Industry Chan Chun Sing said in a written parliamentary reply in April 2020 that the pandemic had 'severely diminished global production capacities and disrupted global supply chains' . This prompted Mr John Ong, founder of Spore Gardens , a farm that produces mushrooms in a 130 sq m office space in Whampoa , to make the switch from aerospace engineering to farming. Mr Ong grows a variety of mushrooms in his farm, including the Lion's Mane, Royal Trumpet, Golden Oak Shitake, Sakura Pink Oyster, Golden Yellow Oyster and Yanagi Matsutake. 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ST PHOTO: TARYN NG Mr Teo, who is funded by a European investor and earns a mid four-figure sum for the farm each month, shared similar views. One of his long-time customers, who has been buying his vegetables since her family discovered his farm in 2022, even sent her teenage daughter to his farm to experience what it is like to run a farm, a gesture that he appreciated. For Mr Tham, it was his father Ray Tham's gesture of love that kept him thriving. Mr Tham's father, Mr Ray Tham, helps his son maintain his farms. ST PHOTO: GIN TAY 'He touched me by deciding to take up a diploma in agriculture at RP to help me out at the farm,' he said. The older Mr Tham, who initially doubted his son's venture, later decided to support him by assisting with maintenance work at the farms. An engineer by training, the 67-year-old manager of the farms is happy to see his son's business take off. 'It is not very successful yet, but I'm proud to see some success,' he said. 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