September 10, 2009

'China investment a good idea'

By Chong Pooi KoonPublished: 2009/09/10

Top banker Datuk Seri Nazir Razak yesterday expressed support for Chinese sovereign investment in Malaysia, amid speculation that Sime Darby Bhd may sell stakes to a firm linked to the government of China.

"From a general standpoint, I think the idea of encouraging Chinese sovereign wealth investment, or corporate investment, in Malaysia is a very good one," Nazir, who is the chief executive officer of CIMB Group Holdings Bhd, told reporters after the launch of its new consumer banking headquarters in Kuala Lumpur.

"Apart from financial implication, it also creates a greater connectivity with the fastest growing economy in the world - an economy reported to be the world's largest by 2030 or 2035, depending on which number you use."

"I'm very much in favour for this kind of transactions," he added.

Talk that Sime Darby, the country's biggest listed planter, was mulling plans to sell 10 per cent of new shares to an entity linked to the Chinese government has surfaced in recent weeks.

The speculation did not die down even as some media reports, quoting unnamed government officials, said no such plan was being considered by the Cabinet.

When asked by reporters yesterday, Nazir said he has no idea if such deals would be approved by the Cabinet.

"But I think generally, Malaysia is very pro, very open to the strategic investment by strategic foreign players. I would be surprised if there's any resistance to such a move," he remarked.

CIMB's investment banking arm is a major player in the region's capital market. The bank was adviser to the mega merger in 2007 that combined three palm oil companies under Permodalan Nasional Bhd to create the world's largest listed oil palm grower in Sime Darby.

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Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;

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