Khazanah Nasional Berhad (“Khazanah”) via its Special Purpose Vehicle (“SPV”), Broga Hill Investments Ltd., today acquired an 8.85% stake in John Keells Holdings Plc. (“JKH”), Sri Lanka’s largest listed conglomerate, in a deal worth RM366 million (LKR 14.5 billion).
The JKH group has business interests in several key sectors of the Sri Lankan economy including tourism, transportation, leisure & tourism, property, retail and financial services.
Khazanah’s Managing Director, Tan Sri Dato’ Azman Haji Mokhtar said: “The entry into JKH offers Khazanah and its group of companies opportunities to participate across a wide range of businesses where the JKH group is involved in.
“At the same time, it allows Khazanah to participate in Sri Lanka’s positive growth story, and is in line with our strategy of investing in the region”.
Sri Lanka has already been a positive experience for Khazanah’s investee companies. Axiata’s subsidiary, Dialog, is the largest mobile telephony player in Sri Lanka, while CIMB Group has established an investment banking joint venture in the country.
Sri Lanka is currently experiencing a strong economic revival post-conflict as evidenced by recent economic growth of about 8% per annum.
