Malaysia’s Armed Forces Fund Board is refining its three-year strategic blueprint to further cut concentration of assets in two investment holding companies, and will present the amended plan to the government for approval.
The 11.5 billion ringgit (US$2.75 billion) fund, known locally as LTAT, holds most of its assets through Affin Bank Group and Boustead Holdings, a conglomerate with businesses in pharmaceutical, heavy industries, real estate, hospitality and petrol stations.
Its 2023-2025 strategic plan had targeted to cut concentration of assets in the two companies to 50%. It is now reducing the target further to 35%.
“This approach demonstrates LTAT’s dedication to constructively engage key stakeholders, including the defence ministry and the finance ministry,” the fund says in a statement on December 7.
LTAT was responding to Halimah Ali, a member of the parliament’s Public Accounts Committee, who called out the fund for abandoning the original strategic plan ten months ago.
“This exposes LTAT to continued impairment which has been going on for five years,” she says in a statement on December 5.
