I wasn’t against Boustead overhaul but wanted options, says Khaled

PETALING JAYA: Defence minister Khaled Nordin says he was not against the restructuring of shareholdings of Boustead Holdings Bhd in the plan dubbed Project Moonshot, but had asked for studies of the plan and a proposed alternative before bringing it to the Cabinet.

A report published by the Public Accounts Committee quoted him as pointing to alternatives such as the similar restructuring carried out by Permodalan Nasional Bhd (PNB) in Sime Darby Bhd.

“(PNB) used an alternative in which it had investments in many companies. But PNB has more than RM100 billion in funds, so they could do it. However, the Armed Forces Fund Board (LTAT) only has RM10 billion,” he said.

Khaled also pointed to the “Khazanah model”, in which UEM Group is 100% owned by Khazanah Nasional Bhd and had majority shares in other companies.

“All I said was that I want more time. The board (of directors) has to convince me (which manner of restructuring) is best in the long term for what has been built up.

“Boustead’s assets are worth RM14, RM15 billion. True, their debts are worth RM7 billion, but their assets are bigger than their debts. ‘Why do you want to sell?’ That was my question,” he said.

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