View Selected Porfolio of Companies (.pdf)


Khazanah’s portfolio includes some of the most significant companies in Malaysia, as measured by their strategic importance to the nation. They are GLCs that are involved in diverse sectors such as aviation, financial services, healthcare, power, property and telecommunications.


Tenaga Nasional Berhad is Malaysia’s national electric supply company, with RM133 billion worth of assets across its generation, transmission and distribution business units. In 2016, TNB served an estimated 9.2 million customers nationwide, while also beginning to widen its international footprint.

Stesen Janakuasa Sultan Azlan Shah, Manjung in Perak generates 3,100-megawatt (MW) of electricity from its three 700MW power plants and a 1,000MW power plant

TNB’s true value rest within the trust given by our stakeholders and shareholders to deliver quality, reliable and uninterrupted power in the country whilst striving to be amongst the power utilities recognized globally. In this respect, we cultivate innovation, inspire responsibility, unlock hidden potentials and be the catalyst towards socio-economic change that serves the nation, communities and environment.

Datuk Seri Ir. Azman Mohd
President / Chief Executive Officer
Tenaga Nasional Berhad


UEM Sunrise is a public-listed company and one of Malaysia’s leading property developers. Its core competencies include macro township development and high-rise residential, commercial, retail and integrated developments. UEM Sunrise is the master developer of Iskandar Puteri, one of the five flagship zones and a key driver of Iskandar Malaysia. It also has developments in Canada and Australia. UEM Sunrise is also the appointed Project Manager (Marketing) for M+S Pte. Ltd. for its Marina One and DUO mixed-use developments in Singapore.

An artist impression of UEM Sunrise's affordable housing project, Denai Nusantara in Iskandar Malaysia, which consists of five 12-storey blocks, each with 1,109 units


Axiata Group Berhad (Axiata) is one of the leading telecommunications groups in Asia with approximately 320 million subscribers in 10 countries. Axiata has controlling interests in six mobile operators in Malaysia, Indonesia, Sri Lanka, Bangladesh, Cambodia and Nepal, with strategic interests in India and Singapore. The Group’s infrastructure company, ‘edotco’, operates in five countries to deliver telecommunications infrastructure services. It also operates and manages a regional portfolio of over 25,000 towers. Catering to the growing digital lifestyle, ‘Axiata Digital’, was established in 2012. It now has a portfolio of 29 digital brands including three subsidiaries and seven joint ventures, servicing growing demands in mobile money, mobile advertising, e-commerce, entertainment and education.

Telekom Malaysia Berhad (TM) is Malaysia’s leading converged communications service provider with 2.4 million broadband customers. It offers a comprehensive range of communications services covering broadband, data, fixed-line, ICT, mobile, and business process outsourcing (BPO).

Telekom Malaysia officially launched webe, its digital mobility services provider in August 2016


CIMB Group , is a leading ASEAN universal bank, operating in 16 markets around the globe. CIMB operates across ASEAN under several corporate entities including CIMB Bank, CIMB Islamic, CIMB Investment Bank, CIMB Niaga, CIMB Securities and CIMB Thai. Its main markets of Malaysia, Indonesia, Singapore, and Thailand primarily focus on Consumer, Commercial and Wholesale Banking.

CIMB Group Chief Executive Officer Tengku Dato' Sri Zafrul Aziz (standing, center) at the launch of CIMB Bank's first branch in Vietnam


UEM Group Berhad is one of Malaysia’s leading engineering-based infrastructure and services group with core businesses in expressways, townships and property development, engineering and construction, and asset and facility management. Key companies within UEM Group are PLUS Malaysia Berhad, UEM Sunrise Berhad, UEM Builders Berhad, Cement Industries of Malaysia Berhad (CIMA) and UEM Edgenta Berhad.

PLUS Malaysia Berhad is Malaysia’s largest highway concessionaire in Malaysia and has been operating the country’s toll roads since 1988. PLUS operates and maintains almost 1,000km of expressways, stretching from the border of Thailand in the North to Singapore in the South.

UEM Edgenta Berhad is Malaysia’s largest total asset solutions provider, offering a full suite of services to the healthcare, infrastructure and industrial sectors.

The Bukit Merah interchange on the PLUS North-South Expressway


Malaysia Airlines Berhad (MAB) is one of Asia’s largest airlines, servicing 40,000 guests on 330 flights to more than 50 destinations daily. As a member of the oneworld alliance, MAB offers passengers seamless travel to close to 900 destinations in more than 150 countries worldwide.

Malaysia Airports Holdings Berhad (MAHB) manages and operates 39 airports in Malaysia and one international airport in Istanbul, Turkey. The 39 airports in Malaysia consist of five international airports, 16 domestic airports and 18 Short Take-off and Landing (STOL) ports. It also provides airport management and technical services for the development, operation, maintenance and management in overseas international airports.

Lawas Short Take-Off and Landing port (STOLport) is one of 18 STOLports operated by MAHB located in rural communities in hilly and remote areas nationwide, mostly located in Sabah and Sarawak


IHH Healthcare Berhad (IHH) , a leading premium healthcare provider is listed on the Main Market of Bursa Malaysia and Main Board of SGX-XT. Employing more than 35,000 people, it operates a global healthcare network of 50 hospitals with over 10,000 licensed beds across 10 countries worldwide. The Group offers a full spectrum of integrated healthcare services from clinics to hospitals to quaternary care and ancillary healthcare businesses. It also operates International Medical University (IMU) and International Medical College (IMC) in Malaysia which focus on health science education.

An artist impression of Gleneagles Hospital in Hong Kong.

“For my work in investments, Sharing True Value can be also seen as Impact Investing, which means going beyond achieving financial objectives when investing in a company. We strive to grow and share this financial value with the society and environment around us, which uniquely positions Khazanah as an active impact investor.”

Charmaine Chin Nga Mun
Assistant Vice President, Investments, Khazanah Europe Investment Limited

“As Khazanah expands its geographical footprint, we ensure that the essence of Sharing True Value are reflected in our interactions, engagements and investment decisions in the countries that we operate in – building sustainable long term value not just for Khazanah and Malaysia, but also benefiting the countries that we invest in.”

Lim Kooi June
Director, Investments, Khazanah Nasional Consulting (Beijing) Company Limited


We explore opportunities in innovation and technology that can complement our existing investee companies. We aim to make investments that have strategic value to Malaysia as well as enhance our existing portfolio.

Innovation & Technology

Alibaba Group’s mission is to make it easy to do business anywhere. The company provides the fundamental technology infrastructure and marketing reach to help merchants, brands and other businesses that provide products, services and digital content to leverage the power of the Internet to engage with their users and customers. Alibaba’s businesses are comprised of core commerce, cloud computing, digital media and entertainment, innovation initiatives and others. Through investee affiliates, it also participates in the logistics and local services sectors.

Aemulus Holdings Berhad is a listed company on Bursa Malaysia principally involved in the design, engineering and development of automated test equipment. Its products are used by semiconductor manufacturers and outsourced semiconductor assembly and test (OSAT) companies to test semiconductor wafer and packaged devices, before they are shipped for final assembly into various electronic devices and gadgets.

Cainiao Network (formerly known as China Smart Logistics), the logistics affiliate of Alibaba Group, is dedicated to meeting the current and future logistics demands of China’s online and mobile commerce sector. It operates a logistics information platform which provides real-time access to information for both buyers and sellers, as well as information that allows delivery service providers to improve the efficiency and effectiveness of their services.

Fractal Analytics is a strategic analytics partner to Fortune 500 companies globally and helps them power decisions in the enterprise by bringing analytics and artificial intelligence (AI) to the decision. Fractal Analytics has more than 1,000 people across 12 global locations including the United States, UK and India and has been named a “Cool Vendor in Analytics” and a “Vendor to watch” by Gartner. The company is privately held and has investors including Khazanah and TA Associates.

Sea, headquartered in Singapore, was founded in 2009 by Forrest Li with the mission to better the lives of consumers and small businesses in the region with technology. Since its inception, Sea, previously known as Garena, has grown swiftly to become a leading platform provider for online PC and mobile digital content, e-commerce and payments across Southeast Asia and Taiwan, serving millions of users.

General Fusion is involved in the development of the fastest and most practical path to commercial fusion energy. The company was established in 2002 and is supported by a global syndicate of energy venture capital funds, industry leaders, and technology pioneers, including Chrysalix Energy Venture Capital, Bezos Expeditions, Khazanah, Cenovus Energy, Growthworks, Braemar Energy Ventures, BDC, Entrepreneurs Fund, SET Ventures, and Sustainable Development Technology Canada.

Alibaba’s office in Beijing, China


Shuaibah Independent Water and Power Project was the first Independent Water and Power Project (IWPP) in the Kingdom of Saudi Arabia, supplying power and water to several major cities in the western region of the Kingdom.

Aerial view of Shuaibah’s integrated water and power plant in Saudi Arabia, which is currently the largest desalination plant in the world, with a water production capacity of 1.03 million cubic meters per day

“We proactively ensure our global presence prospers the rakyat and the communities in which we operate. We share true value through societal progress by ensuring our investments drive innovation, increase commercial success through operational competitiveness and operate in environmentally sustainable ways. Khazanah’s expectations of its staff are ambitious, reflecting our determination to create significant value for society.”

Nik Marien Nik Ahmad Kamal
Senior Vice President, Investments

Financial Services

ACR Capital Holdings Pte. Ltd. specialises in providing reinsurance solutions for large and specialist risks in the Pan-Asian region. Its wholly-owned subsidiary Asia Capital Reinsurance Group is one of the world’s top 50 insures.

Acibadem Sigorta is a leading health insurance services provider in Turkey. Headquartered in Istanbul, it has the second largest market share in the industry and operates six regional offices across the country.

Sun Life Malaysia is a provider of a comprehensive range of life insurance and Takaful products and services. It distributes these products through a range of distribution channels including bancassurance, direct marketing, telemarketing and government and corporate business.

Our partnership is a model of success in the Asia insurance industry. Our shared values and the close working relationship we have enjoyed with Khazanah have transpired to delivering real value for our clients. This is evident from, among other things, the financial performance of Sun Life Malaysia who has doubled sales and more than doubled net income since the partnership was formed.

Kevin Strain
Sun Life Financial Asia


Acibadem Healthcare Group is a leading private healthcare services provider in Turkey and Bulgaria. It provides integrated and ancillary healthcare businesses services across 21 hospitals and 17 outpatient clinics in Turkey, Bulgaria, Macedonia and Northern Iraq.

Surgeons in Acibadem City Clinic Tokuda Hospital, Bulgaria

“For me, Sharing True Value has twofold meaning – firstly, it shapes the fundamental motivation for the work we do, that our end-goal isn’t simply a bottom line target but aspiring to contribute meaningfully to the nation and society. Secondly, it means that successful, sustainable output is far more likely to happen when it’s the product of collaborative rather than an individual-centric work.”

Atiqah Mokhtar
Assistant Vice President, Investments


edotco Group Berhad (edotco) is the first regional and integrated telecommunications infrastructure services company in Asia, providing end-to-end solutions in the tower services sector from tower leasing, co-locations, built-to-suit, energy, transmission and operations and maintenance (O&M). Its regional portfolio includes over 17,000 towers across its core markets of Malaysia, Sri Lanka, Bangladesh, Cambodia, Pakistan and Myanmar.

TIME dotCom Berhad (TIME) is a communications service provider with businesses in fixed-line, data centres and global networks. It is primarily focused on the wholesale and enterprise segments across the ASEAN region.

A technician at work on one of edotco’s telecommunication towers


8990 Holdings is a leading mass housing developer in the Philippines. It caters for the housing demand from the lower income population. The company has development projects throughout the country and is listed on the Philippine Stock Exchange.

Bella Vista residential project in Luzon, Philippines by 8990 Holdings

Creative & Media

Astro Malaysia Holdings Berhad (AMH) is a leading content and consumer group in Malaysia and ASEAN with a focus on ideation creation aggregation distribution and monetisation of content. AMH serves 20 million individuals through its DTH Satellite TV, IPTV and OTT platforms.

“Sharing True Value means it is not just about personal gains, but also the legacy we leave behind. Because a substantial portion of Khazanah’s portfolio comes from legacy investments, it is imperative to look out for disruptive trends while at the same time identifying new opportunities to invest in.”

Aidan Chan Tiong Eyong
Assistant Vice President, Khazanah Research & Investment Strategy


In supporting Malaysia’s aspiration to become a developed nation, Khazanah embarks on a broad array of investments that seek to generate commercial returns, develop strategic advantages, and build capacity for the nation, especially on the domestic front.


The Holstein Milk Company Sdn Bhd (Holstein) is one of the leading integrated dairy companies in Malaysia, producing premium grade dairy products marketed under the brand Farm Fresh and Nubian. The company’s operations cover the full breadth of the dairy value chain (from grass to glass). Holstein is the appointed anchor company for the NKEA Entry Point Project 13 for the dairy industry, which aims to reduce Malaysia’s dependence on imported fresh milk.

Biotropics Malaysia Berhad develops and commercialises Malaysia’s bio-resources into superior natural health products. Its products include proprietary standardised extracts, all natural dietary supplements, ingredients for nutraceutical, functional food and cosmeceutical applications, all scientifically tested and verified to meet the highest quality, safety and efficacy standards.

Blue Archipelago Berhad (BAB) is a shrimp aquaculture company dedicated to the producer of premier quality seafood for the global market. The business is built on the foundations of high quality standards, food safety, ecological sustainability and social responsibility. BAB’s ultimate aim is to develop a Malaysian seafood brand that is associated with wholesomeness and integrity.

Malaysian Agrifood Corporation Berhad (MAFC) is a fully-integrated food supply chain management company. It produces fresh and high quality highland vegetables under the brand Lushious, and distributes to retailers via its integrated cold chain logistics subsidiary. MAFC creates value by collaborating with relevant government agencies and industry players with the aim of supplying safe and top quality fresh produce for healthier living.

Blue Archipelago’s integrated aquaculture park in Setiu, Terengganu provides employment opportunities to the local community

“Sharing True Value is a philosophy that underscores strategic investments like Iskandar Malaysia and Agrifood sector. Our robust and strategic approach enables long-term benefits to be felt by the wider society through direct job creation and economic spill-over impact.”

Ariff Abu Bakar
Assistant Vice President, Investments

Life Sciences

Xeraya Capital is a private equity and venture investor in life sciences that focuses on medical technologies, healthcare biotechnology, bio-renewables and bio-industrials.

Innovation & Technology

SilTerra Malaysia Sdn Bhd is a wafer foundry provider that offers complementary metal-oxide semiconductor (CMOS) wafer technology to global semiconductor partners. It was established in 1995 to promote front-end semiconductor manufacturing and to be a catalyst for high-technology investments in Malaysia.


Iskandar Investment Berhad (IIB) is a long-term strategic developer of catalytic projects in Iskandar Puteri (previously known as Nusajaya) in Iskandar Malaysia, Johor. It promotes investments in identified sectors and facilitates the development of infrastructure, including at Medini, the future Central Business District for Iskandar Puteri. One of IIB’s focus areas is EduCity, a first-of-its-kind and fully-integrated international education hub that covers the entire education spectrum, as well as offering student accommodation and sports and recreational facilities.

Medini Iskandar Malaysia Sdn Bhd (MIMSB) is the master developer of Medini – a developing sustainable city in Iskandar Puteri. MIMSB promotes Medini locally and globally and works closely with GLCs and agencies such as Khazanah, Iskandar Regional Development Authority (IRDA) and IIB as well as investors and developers to establish Medini as the central business district of.

Pulau Indah Ventures Sdn Bhd is a 50:50 joint venture between Khazanah Nasional Berhad and Temasek Holdings (Private) Limited. It is the developer of two wellness-themed development projects in Medini Iskandar Malaysia, namely Afiniti Medini and Avira, a 50:50 joint development with Eastern & Oriental Berhad.

Afiniti Medini in Iskandar Malaysia, Johor

CREATIVE & media

Rhizophora Ventures Sdn Bhd is an investment holding company in creative and media content, with three focus areas: content, ecosystem and infrastructure. It supports the development of the Malaysian creative industry towards becoming a world-class industry player.

Pinewood Iskandar Malaysia Studios is a state-of-the-art integrated media production studio facility offering 100,000 sq ft of film stages, 24,000 sq ft of TV studios, a full range of post-production services, 72,000 sq ft of workshop and production office space, backlots for outdoor filming, as well as interior and exterior water filming tanks.


LeapEd Services Sdn Bhd (LeapEd) , a wholly-owned subsidiary of Khazanah, is Malaysia’s first home-grown education services provider. It is a social enterprise that has the mission to innovate and enable implementation of education transformation in the interest of unleashing all children's potential to grow in the challenging global landscape. Since its incorporation in 2010, LeapEd has impacted 188 Government schools, more than 5,000 teachers and more than 100 Districts all over Malaysia. Its flagship programme is working in partnership with Yayasan AMIR and Ministry of Education in implementing the nation’s pioneer public school transformation programme, Yayasan AMIR Trust Schools Programme (YATSP). The YATSP is a comprehensive school transformation model that sustainably improves student outcomes through four strategic goals focusing on school leadership, teachers, students, and parents and community. It is currently being implemented across 83 public schools in 10 states.

Sustainable Development

Cenviro Sdn Bhd is a leading integrated environmental waste management solutions provider. Through its subsidiary, Kualiti Alam Sdn Bhd, Cenviro has been operating Malaysia’s first integrated waste management centre in Negeri Sembilan since 1998. It is also involved in municipal solid waste management and public cleansing through its joint-venture company, E-Idaman Sdn Bhd and electronic waste management via its associate company, Shan Poornam Metals Sdn Bhd. Cenviro continues to provide innovative and sustainable waste management and renewable energy solutions through its Environmental Preservation and Innovation Centre (EPIC), Scheduled Waste-to-Energy Plant, Secured Vertical Landfill and Recycle for Life Programme.

Cenergi SEA develops and invests in clean energy projects, with particular focus on biogas, biomass and energy efficiency projects in Malaysia and Southeast Asia. It is one of the largest grid-connected palm oil mill effluent biogas player in the country. It currently operates three plants with a combined generation capacity of 4MW and another 1.5MW biogas plant to be commissioned in 2017. Cenergi is also executing a RM40m Built- Own-Transfer (BOT) energy savings contract with a local university in 2017.

RedT Energy , which is listed on the Alternative Investment Market (AIM) of the London Stock Exchange, is a developer and supplier of energy storage systems based on vanadium redox flow battery technology.

“Through our investments in renewable waste management, we hope to create and share true value in a sustainable manner. We work with our investee companies to introduce new technologies and endeavor to lead by example, in line with our efforts to encourage knowledge and know-how transfer to catalyse growth of the still nascent sector in Malaysia.”

Low Guat Peng
Senior Vice President, Investments


Themed Attractions Resorts & Hotels Sdn Bhd (TAR&H)'s aim to grow the leisure and tourism economy are predicated upon the abundant and diverse ecological and cultural heritage of Malaysia and the multilingual abilities and warm hospitality of the people. Apart from creating jobs and boosting direct economic contribution to Malaysian GDP, the investments complement the growth of other industry sectors including consumer, healthcare, property development, and construction, as well as the development of economic regions such as Iskandar Malaysia. By undertaking catalytic investments of scale, TAR&H aims to also spur private investment into leisure & tourism products and services in Malaysia.

TAR&H focuses on developing and operating world-class destination resorts and integrated theme parks and attractions and on growing a resort management business based on the esteemed The Datai brand. Our pipeline of operating facilities and projects under development, within the three main business streams, include:

  • Destination, Resorts & Hotel Portfolio - Desaru Coast, the first premium integrated destination; Hotel Jen Puteri Harbour and Puteri Harbour Retail Precinct
  • Integrated Theme Parks and Attractions – LEGOLAND® Malaysia Resort, KidZania Kuala Lumpur, KidZania Singapore, SANRIO HELLO KITTY TOWN, and Thomas Town
  • Resort Management – The Datai Langkawi

Kids role playing in KidZania Kuala Lumpur

The true value in our partnership with Khazanah will come from lifting of Desaru Coast into the ranks of the world’s leading beach destinations, thus improving the livelihoods of local residents. Any partnership that creates value for its partners, consumers, and the surrounding community fits perfectly with Minor’s core objective to grow sustainable earnings.

William Heinecke
Chairman and Group Chief Executive Officer,
Minor International


We have established a presence in key markets abroad, which enables us to tap into regional economic growth, identify opportunities that promote the regionalisation of our investee companies and contribute towards building the nation’s long-term competitiveness.

View Building a Regional Footprint (.pdf)

Khazanah is a highly valued and respected partner of the World Economic Forum. Khazanah’s leadership is deeply committed to building ‘True Value’, as demonstrated by its contributions to the Forum’s many research areas and initiatives. In particular, Khazanah has worked closely with the Forum to promote new models for inclusive growth and played a significant role in shaping our priorities in ASEAN to build regional prosperity.

Justin Wood
Head of Asia Pacific and Member of the Executive Committee
World Economic Forum