COVID–19 NEWS   Owners of premises in buildings allowed to determine protocol on wearing of face mask at their venue - Johor Exco | Italy greenlights Omicron-adapted COVID-19 booster shots | New COVID-19 cases down 16.9 pct last week | Japan to simplify COVID-19 airport quarantine procedures | EMA endorses Omicron-adapted COVID-19 vaccines | 
BUSINESS

MoF confident KWAP can grow fund to RM200 bln, over 30 property assets by 2025

03/08/2022 01:41 PM

KUALA LUMPUR, Aug 3 (Bernama) -- The Ministry of Finance (MoF) is confident that the Retirement Fund (Incorporated) (KWAP) which launched the TERAS 5 initiative today can sustainably grow the size of its fund to a total gross fund of RM200 billion by 2025.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said KWAP also aims to increase the number of property assets to more than 30 from 17 and have more than 35 subsidiaries within the same period.

“KWAP has thrived as a company group that has expanded its investment portfolio three-fold from funds worth RM41.9 billion in 2007 to around RM159 billion today,” he said at the launch of the KWAP transformation plan here today.

TERAS 5 is part of a long-term policy plan to increase the size of the fund more effectively and remain sustainable.

Tengku Zafrul said that as key players and investors, government-linked companies (GLCs) and government-linked investment companies (GLICs) are an important pillar of Malaysia’s economic base and contribute approximately RM445 billion or 25 per cent of the Bursa Malaysia market and provide employment opportunities to more than 500,000 in Keluarga Malaysia.

Meanwhile, KWAP chief executive officer Nik Amlizan Mohamed said the launch of TERAS 5 proves KWAP’s commitment as a driver of sustainable growth for the organisation and also the pension ecosystem in Malaysia.

“Currently, there are 17 companies under KWAP including 14 special purpose vehicles and two subsidiaries,” she said at the TERAS 5 launch ceremony today.

Nik Amlizan added that last year KWAP recorded the highest unaudited net income amounting to RM10 billion.

TERAS 5 involves the empowerment of five key enablers namely structure, governance, human capital, process and digital.

-- BERNAMA


Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy