×
You will be redirected back to your article in seconds

Stake in Legoland Malaysia for Sale Amid Khazanah Reshuffle (Report)

Malaysia’s sovereign wealth fund Khazanah Nasional is considering a sale of its stake in the Legoland Malaysia Resort, according to local media reports. The theme park is operated by the U.K. conglomerate Merlin Entertainments.

Khazanah swung into loss in 2018 and saw the realizable value of its investments decline by 22% to $33 billion (RM136 billion). Khazanah’s management was overhauled after Najib Razak’s government was removed from office. Operations are now likely to be split in to two parts, commercial and strategic, while non-core assets may be sold.

The commercial fund, returning above inflation returns, would include investments such as bank stakes and the minority shareholding in China’s Alibaba. The strategic fund is expected to retain assets including Malaysia Airlines and Telekom Malaysia, as well as the Pinewood Iskandar Malaysia Studios and Themed Attractions Resort &Hotels, the current owner of Legoland Malaysia.

TAR&H says: “As the sixth Legoland in the world and the very first in Asia, Legoland Malaysia Resort brings together a Legoland park, water park and hotel in one Lego-themed location. It is the ideal family holiday destination with more than 70 hands-on rides, slides, shows and attractions.”

Khazanah also oversees Malaysia’s film production rebate scheme, which in November was announced as received a $7.3 million (RM30 million) cash injection. Last November’s budget also earmarked $24.5 million (RM100 million) for production at the studios.

Malaysia was due to see the opening of another major theme park, 20th Century Fox World, as far back as 2016. The project, a joint venture between 20th Century Fox and Malaysian resorts operator Genting, has now run into dispute. Genting, which says it has spent $750 million to date, says that Fox, under pressure from its soon to be owner Disney, is seeking to pull out of the project.

Popular on Variety

More Biz

  • Overall View of the Rose Bowl

    One Dead, One Injured in Rose Bowl Parking Lot Shooting

    One person was killed and another was injured Saturday night following a shooting in a Rose Bowl parking lot, the Pasadena police confirmed. According to a statement from the police department, police responded to reports of a physical altercation and shots fired at 11:22 p.m. near the area of Arroyo Boulevard and Seco Street, where [...]

  • Felicity Huffman

    Felicity Huffman Issues Apology After Receiving Prison Sentence: 'There Are No Excuses'

    Felicity Huffman issued a long statement of apology on Friday after receiving a two-week prison sentence for paying to illegally boost her daughter’s SAT score. In the statement, Huffman, in addition to saying  she accepts the court’s decision, acknowledges and apologizes to other parents fighting to get their children into college. Along with the prison [...]

  • Actress Felicity Huffman (C-L) and her

    Felicity Huffman Sentenced to 14 Days in Prison in SAT Cheating Case

    Felicity Huffman was sentenced on Friday to 14 days in prison for the crime of paying $15,000 to boost her daughter’s SAT score. Judge Indira Talwani also ordered her to serve 250 hours of community service and a year of probation, and pay a $30,000 fine. The sentence came as a surprise, as Talwani had [...]

  • NEW YORK, NEW YORK - SEPTEMBER

    Rihanna Sings (Briefly), Pharrell and DJ Khaled Rock the Mic at Star-Studded Diamond Ball

    In just five years, Rihanna’s Diamond Ball has become one of the music industry’s biggest events of its kind, nearly on the level of the Clive Davis Pre-Grammy Gala. While there are several dazzling charity events with equal starpower and often-unique performances, what makes the Diamond Ball different is, obviously enough, Rihanna’s supernova aura and [...]

  • Amber Heard Seeks Info on Johnny

    Amber Heard Seeks Info on Johnny Depp's Arrests and Substance Abuse

    Amber Heard is asking Johnny Depp to turn over records related to his arrests and drug treatment, as her lawyers defend her from a $50 million defamation suit. Depp filed suit in March, accusing his ex-wife of tanking his career by writing a Washington Post op/ed alluding to her domestic violence allegations against him. Heard [...]

  • David Nevins, Chief Creative Officer, CBS

    David Nevins: CBS-Viacom Merger to Create 'Virtuous Eco-System' for Content

    CBS and Viacom leaders are looking for opportunities to create a “virtuous eco-system” for content that can prosper across the various platforms of the two companies that are set to merge by year’s end. That was the sentiment shared by David Nevins, chief creative officer of CBS and chairman-CEO of Showtime Networks, during a Q&A [...]

More From Our Brands

Access exclusive content