{"id":347,"date":"2009-05-18T14:43:26","date_gmt":"2009-05-18T06:43:26","guid":{"rendered":"http:\/\/buletinonline.net\/v7\/index.php\/2009\/05\/malaysian-state-plans-11-billion-ringgit-wealth-fund\/"},"modified":"2009-05-18T14:43:26","modified_gmt":"2009-05-18T06:43:26","slug":"malaysian-state-plans-11-billion-ringgit-wealth-fund","status":"publish","type":"post","link":"https:\/\/buletinonlines.net\/v7\/index.php\/malaysian-state-plans-11-billion-ringgit-wealth-fund\/","title":{"rendered":"Malaysian State Plans 11 Billion-Ringgit Wealth Fund"},"content":{"rendered":"<p class=\"MsoNormal\"><span style=\"font-size: 10pt; font-family: Arial\">May 18 (Bloomberg) &#8212; The Malaysian state of Terengganu is starting a sovereign wealth fund of 11 billion ringgit ($3 billion), of which 5 billion ringgit will be raised from capital markets this week.<\/span><\/p>\n<p><span style=\"font-size: 10pt; font-family: Arial\"> The Terengganu Investment Authority, the first sovereign wealth fund set up by a Malaysian state, said it will manage the long-term oil revenue of the state, located on the east coast of peninsular Malaysia.<\/p>\n<p> The country\u2019s <a href=\"http:\/\/search.bloomberg.com\/search?q=King+Mizan+Zainal+Abidin&#038;site=wnews&#038;client=wnews&#038;proxystylesheet=wnews&#038;output=xml_no_dtd&#038;ie=UTF-8&#038;oe=UTF-8&#038;filter=p&#038;getfields=wnnis&#038;sort=date:D:S:d1\">King Mizan Zainal Abidin<\/a>, who is also the Terengganu sultan, proposed the fund to ensure sustainable income for the state should its oil and gas reserves run out, the fund said in an e-mailed statement today. The state is one of Malaysia\u2019s biggest oil and gas producers.<\/p>\n<p> The fund seeks to \u201cgenerate long-term sustainable and recurring returns\u201d and to promote Terengganu\u2019s economic development, Chief Executive Officer Shahrol Halmi said in the statement. <\/p>\n<p>The Terengganu Investment Authority, which was set up on Feb. 27, will team up with \u201cwell-known sovereign wealth funds\u201d to invest in tourism, energy and agriculture projects, he said.<\/p>\n<p>The fund plans to invest in \u201chigh-impact, strategic projects in Terengganu, other parts of Malaysia, and in regional and international projects that have positive spillover benefits to Terengganu,\u201d said Shahrol, a Stanford University graduate who worked for more than 15 years at consulting firm <a href=\"http:\/\/www.bloomberg.com\/apps\/quote?ticker=ACN%3AUS\">Accenture Ltd.<\/a>, according to the statement.<\/p>\n<p>It will seek funds from domestic and foreign capital markets, and the 5 billion ringgit it plans to raise this week will come with a Malaysian government guarantee, the fund said. The remaining 6 billion ringgit will come from future oil royalties.<\/span><span style=\"font-size: 10pt; font-family: Arial\"><\/p>\n<p>Companies including <a href=\"http:\/\/www.bloomberg.com\/apps\/quote?ticker=XOM%3AUS\">Exxon Mobil Corp<\/a>. produce crude oil from projects offshore Terengganu. The state is also home to <a href=\"http:\/\/www.bloomberg.com\/apps\/quote?ticker=PET%3AMK\">Petroliam Nasional Bhd<\/a>.\u2019s Kertih refining and petrochemical complex. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>May 18 (Bloomberg) &#8212; The Malaysian state of Terengganu is starting a sovereign wealth fund of 11 billion ringgit ($3 billion), of\u2026<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"bo_wartawan":[],"bo_jenis":[],"class_list":["post-347","post","type-post","status-publish","format-standard","hentry","category-c48-news"],"better_featured_image":null,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Malaysian State Plans 11 Billion-Ringgit Wealth Fund  | Buletinonlines.net<\/title>\n<meta name=\"robots\" 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