PENANG MULLS INVESTMENT IN BOND, SUKUK MARKETS TO INCREASE REVENUE
GEORGE TOWN, Dec 1 – The Penang state government is considering various ways to increase its revenue, including investing in the bond and sukuk markets.
Chief Minister Chow Kon Yeow said at present, the state government has shareholdings in seven companies listed on Bursa Malaysia, namely Petronas Dagangan Bhd, Tenaga Nasional Bhd, Telekom Malaysia Bhd, Axiata Bhd, Malaysia Airport Holdings Bhd, PBA Holdings Bhd dan Maxis Bhd.
“In the meeting between the fund manager and the state government, we told them that we want a more conservative approach because a high return comes with high risk.
“We have asked the fund manager to analyse the bond and sukuk markets as they offer a higher return than fixed deposits and the risk is not as high as the stock market,” he told the state legislative assembly here today in reply to questions from the state Opposition Leader Datuk Muhamad Yusoff (BN-Sungai Dua).
Commenting on the value of shares held in the seven companies, Chow revealed that the state spent
RM233.96 million on them and the market value of those shares on Nov 10 was RM297.78 million.
Penang also received dividends worth RM8.68 million from those shareholdings as of Nov 10.
--BERNAMA
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