Sarawak Mulls Forming 'Consolidated Entity' For State's Asset Management, Investment - Abang Jo
KUCHING, Oct 3 (Bernama) -- Sarawak is considering establishing a “consolidated entity” for the asset management and investment of the state government, said Sarawak Premier Tan Sri Abang Johari Tun Openg.
He said he has instructed experts to conduct a study to determine its feasibility, which is aimed at increasing state government revenue in the long term.
Explaining the modus operandi of such an entity, he said it would work much like similar entities in other developed countries such as Singapore’s Temasek Holdings and the Government Of Singapore Investment Corporation (GIC).
“All government assets held by various statutory bodies and government-linked companies like the Sarawak Economic Development Corporation (SEDC) and Sarawak Energy and Petroleum Sarawak Bhd (Petros) would be consolidated under this one entity and to be run like any other business.
“This model of asset and investment management with ‘member bodies’ as shareholders would provide an atmosphere conducive to the ‘mobility’ of professionals among the member bodies along the principle of ‘hire and fire’ to ensure that the bodies are well-run.
“Such a model would also enable remuneration to be set at a high level and comparable to those in developed countries,” he said in a statement issued by the Sarawak Premier's Office today in conjunction with the closing of the three-day Sarawak Civil Service’s One Team Retreat held in Bandar Seri Begawan, Brunei today.
Abang Johari said at present, Sarawak’s investment unit is under Sarawak Incorporated while the Sarawak Sovereign Wealth and Future Fund has been operating with an initial capital injection of RM8 billion by the Sarawak government.
-- BERNAMA