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Business

Malaysia's Khazanah Nasional dips deeper into Turkey

KUALA LUMPUR -- Malaysia's state-owned investment fund, Khazanah Nasional, has increased its investment in Turkey to over $2 billion, it said in a statement. Khazanah has spent $1.4 billion since 2008 through companies under its holding through investing in an airport, hospitals and health insurance.

     Acibadem Healthcare is the largest private healthcare provider in Turkey. It owns and runs 17 hospitals with over 2,000 beds. Khazanah's IHH Healthcare paid $1.1 billion for 75% of Acibadem two years ago. The Turkish hospital operator contributed about 28% of IHH Healthcare's earnings in 2013.

     Khazanah also owns Acibadem Sigorta, Turkey's second largest health insurance provider. It paid $252 million for a 90% stake last November. Acibadem Sigorta offers premium insurance products to all levels of society in Turkey.

     Malaysia Airports Holdings, a 36.6% Khazanah-owned company, is tripling its 20% stake in Istanbul Sabiha Gokcen International Airport, pending regulatory approval of the $300 million bid they lodged in December. Upon completion of the transaction, Malaysia Airports' holding in Istanbul's second international airport will be 60%.

     Khazanah has 135 billion ringgit ($41.4 billion) worth of assets under management as of Dec. 31, 2013. About 36% of these assets are abroad in Southeast Asia, China, India, Turkey and the Middle East. Khazanah is also involved in telecommunications, banking, real estate, theme parks and transportation.

     The fund's active investment in Turkey follows the government's policy of diversifying trade relations. Malaysia has just inked its seventh bilateral free trade agreement with Turkey on April 17. When implemented, both countries promise to abolish import duties on at least 68% of traded products, coming into effect immediately.

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