【英语国际】马来西亚主权基金兼顾国家利益与自身盈利

A $30 billion Malaysian state fund is testing the premise that promoting national interests is compatible with profits.

Those, in fact, are the twin goals that drive Khazanah Nasional Bhd., the government's investment arm that prides itself on its returns -- it says its compound annual growth rate is running around 13% a year, up from 9% at the end of last year -- and its ability to seed new industries. 'We like to think you can have the best of both worlds,' Azman Mokhtar, Khazanah's managing director, said in a rare interview. 'Unabashedly,' he said, 'we go out and want to create jobs.'

Khazanah isn't one of the biggest players on the sovereign-wealth scene, but with a portfolio valued at 92.2 billion ringgit ($29.8 billion) at the end of last year, it still is a giant-size investor by most standards. Like its bigger, better-known Singaporean counterpart, Temasek Holdings Pte. Ltd., Khazanah is both a fund and a holding company. It owns swaths of the corporate sector through stakes in the country's airline, its post office, its national car maker and other businesses.

Since he took charge of Khazanah in 2004, Mr. Mokhtar, 49 years old, has been shifting out of noncore holdings and investing in sectors considered strategically important for theMuslim-majority country. Health care, tourism, tech and sustainable development are among areas Khazanah targets.

In July, Khazanah made its splashiest move yet abroad by agreeing to pay $2.6 billion for the 76.1% of Singapore hospital-operator Parkway Holdings Ltd. that it didn't already own. The takeover forced out fellow shareholder and rival bidder Fortis Healthcare Ltd. Parkway, along with its Malaysian affiliate Pantai Group, are attractive for their 15% underlying growth. It is a chance to leverage warming ties between Malaysia and Singapore.

'I see this as a confluence of both strategic imperatives [and] commercial imperatives,' said Mr. Mokhtar, former research chief for Malaysia at UBS and Salomon Smith Barney. Ties between Malaysia and Singapore are 'a critical bridge that we need to build in order for Asean [Association of Southeast Asian Nations] businesses to grow and flourish, in order to have scale in this kind of a global competition now with China and India.'

Peter Stein

打理价值300亿美元资产的马来西亚国库控股国民投资有限公司(Khazanah Nasional Bhd，下称“国库控股”)正在对一个假设条件进行测试，即推动国家利益与保证企业自身的盈利能力可并行不悖。

其实这一直是国库控股为之奋斗的两个目标。国库控股是马来西亚政府的一个投资机构，它对于本公司的投资回报率和投资新产业并取得回报的能力深感骄傲。该公司表示，其年均复合增长率从去年年底的9%增至13%左右。

国库控股并非世界上规模最大的主权财富基金，不过其管理的投资组合资产价值去年年底已高达922亿林吉特(合298亿美元)，因此无论从哪方面衡量，它都仍是超大规模的投资者。跟规模更大、知名度更高的新加坡国有投资企业淡马锡控股(Temasek Holdings Pte. Ltd.)一样，国库控股既是基金也是控股公司，它拥有马来西亚航空公司、邮政局、全国汽车生产商和其它企业的股权，从而掌控了马来西亚企业界的很大一部分。

自从现年49岁的莫达(Mokhtar)2004年接管国库控股以来，国库控股就开始卖掉其非核心企业的股权，转而将投资重点放在对马来西亚这个穆斯林占主要人口的国家来说具有重要战略意义的产业。

7月，国库控股就支付26亿美元收购其尚未拥有的新加坡医院经营者百汇控股有限公司(Parkway Holdings Ltd.)76.1%的股权问题达成协议，这是国库控股迄今为止最大规模的海外收购案。此次收购将国库控股的竞购对手兼百汇控股股东印度富通医疗保健有限公司(Fortis Healthcare Ltd.)封杀出局。百汇控股及其马来西亚子公司Pantai Group因其15%的潜在增长显得十分具有吸引力。这是推动马来西亚与新加坡双边关系回暖的一个良机。

身兼瑞士银行(UBS)与所罗门美邦公司(Salomon Smith Barney)马来西亚前首席研究员的莫达说，我认为国库控股收购百汇控股是战略和商业的共同需求。他认为马来西亚与新加坡的往来是东盟(Asean)各企业发展壮大所必需的一座重要桥梁，也是与中国和印度进行全球竞争所需规模的重要桥梁。

Peter Stein

（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）