History
Khazanah was incorporated under the Malaysian Companies Act 1965 on 3 September 1993 as a public limited company and commenced operations a year later to manage and maximise the return of government assets and equities,[20][21] thus taking over the functions of the Minister of Finance Incorporated, which administered the fund.[22]
In July 2003, the fund had offer up to 186 million of covered warrants to retail, institutional and selected investors.[23] Later on, Khazanah sets the indicative issue price of its covered warrants at RM6.50.[24]
In 2004, Khazanah became a regular issuer in the global capital markets and supporting Malaysia’s aspiration in being the leading hub for Islamic finance through landmark transactions. This include the world’s first exchangeable Sharia-compliant bonds known as sukuk and the country's first sustainable and responsible investment sukuk.[25][26] In May the same year, the Malaysian Government announced a strategic revamp for Khazanah. The revamp saw the fund received a new mandate from the government to be an active shareholder while driving transformation of the Malaysian government-linked companies (GLCs).[27][28]
In 2005, the fund launches a transformation program and a guideline for the government-owned companies.[12]
In 2015, Khazanah raised $27.1 million from its sukuk to be invested into new government schools.[29]
In 2018, the Government of Malaysia initiated a corporate restructuring and reorganisation of Khazanah, which involved leadership changes, a refresh of its mandate and objectives, and a review and revaluation of its investments.[30][31][32]
In April 2020, Khazanah announced it was contributing RM20 million in total to support the relief efforts in response to the ongoing worldwide COVID-19 pandemic.[33]
Prime Minister, Anwar Ibrahim announced in February 2023 that Khazanah will spearheaded the formation of the National Heritage Fund to attract all private participations in restoring historical heritage sites.[34][35][36]
On 16 March 2023, Khazanah launched a new initiative called the Future Malaysia Program, under its Dana Impak mandate. The initiative was introduced to support the local ecosystem of entrepreneurs, start-ups, venture funds, and corporate venture programmes through its local and international partners.[37][38][39][40]
The fund assigned its inaugural issuer credit rating of A3 and A− from Moody's Investors Service and S&P Global Ratings, in April 2023, respectively.[7][41][42][43][44]
The fund had a profit of RM5.9 billion for the 2023 financial year compared to RM1.6 million in 2022.[45][46] Its assets for 2023 were 4.9% higher than the year before and Khazanah announced a RM1 billion dividend to the government of Malaysia.[47]
Khazanah completed its acquisition of two state-owned venture capital funds, namely the Malaysia Capital Venture Management (MAVCAP) and Penjana Kapital on 30 July 2024. The acquisition and integration of MAVCAP and Penjana Kapital in which Khazanah managing director, Amirul Feisal Wan Zahir said that it "would further strengthen Malaysia's VC ecosystem".[48][49]
