PETALING JAYA: Global investment firm BlackRock owns assets worth RM27.5 billion in Malaysia, says investment, trade and industry minister Tengku Zafrul Aziz.
Speaking in the Dewan Rakyat today, he said RM20.5 billion of the total is in Bursa Malaysia and the other RM7 billion is in Malaysian government and corporate bonds.
“Dropping BlackRock’s investments in Malaysia will have clear implications and negative effects on the nation’s investment agenda,” he said.
Tengku Zafrul also said that the firm has not dealt directly with Putrajaya or influenced national policy.
He said his ministry, too, has not dealt with BlackRock directly, and that dealings with companies such as Microsoft and Intel do not directly involve shareholders.
Tengku Zafrul also said that BlackRock has been investing in Malaysia since the 1990s.
“According to open data, as of May 2024, BlackRock has owned equities in 100 listed companies in Malaysia’s industrial sector, with the three largest entities being banking institutions in the nation,” he said.
Former minister Khairy Jamaluddin had criticised the view that BlackRock’s investments across various Malaysian companies should justify allowing Global Infrastructure Partners (GIP) to participate in the privatisation of Malaysia Airports Holdings Bhd.
In the latest episode of the Keluar Sekejap podcast, Khairy said the argument that BlackRock is present everywhere in Malaysia lacks substance and is “not an apple-to-apple comparison”.
“Its shareholding in those companies is small, around 1% to 2%, and was acquired in the open market. They have no say in the management and they are not on the board of directors.”
Khairy said GIP and BlackRock, along with the Abu Dhabi Investment Authority, would acquire 30% of the airport operator’s shares, giving them a say in management decisions.
The former Rembau MP said he was certain that GIP would appoint a representative to the board.
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