(MENAFN- The Peninsula) Malaysian Prime Minister Najib Razak said Qatar and China have expressed an interest in the assets of debt-laden state fund 1Malaysia Development Bhd (1MDB), state news agency Bernama reported yesterday.
1MDB, the centre of several investigations over graft and its management of funds, is seeking to offload assets parked under its power unit Edra Global Energy Bhd, and sell developmental rights in its high-profile property projects.
The Malaysian Prime Minister said the Qatar Investment Authority was keen to view 1MDB assets and purchase land in its Bandar Malaysia project. He also said China's Ambassador to Malaysia had expressed his country's interest.
The fund, whose advisory board is chaired by Najib, is looking to pare down $11bn of debt. It has 14 power assets which could be worth up to 18bn ringgit ($4.73bn), sources said in June.
The Malaysian Prime Minister said the government has a plan to reduce 1MDB's debt, but needs six months.
"We have a programme to reduce the debts of 1MDB, and the programme is viable. We have to give it time. I would say we need about six months," the Malaysian Prime Minister was quoted as saying at an event yesterday.
Tenaga, Malaysia's national power firm, said last month that it had submitted an indicative non-binding proposal to acquire the five domestic and eight international power assets of 1MDB's power firm Edra Global.
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