Permodalan Nasional Bhd (PNB), in response to a StarBiz article on Friday, said the fund’s participation in its “core companies” recapitalisation exercise is conditional upon the strong underlying viability of the business, with a clear path of profitability improvements and the commitment of the company to undertake specific strategic initiatives such as monetisation of assets, establishing strategic partnership and implementing governance improvements.

Here is the statement in full

1. We refer to The Star’s headline today, September 28, 2018, entitled “PNB ready to give financial aid to underperforming ‘core companies’”.

2. We wish to highlight that the message reflected in the above headline was never conveyed during PNB’s media event yesterday and is highly misleading. PNB wishes to categorically state that we would never provide financial aid to underperforming companies. We made it very clear that PNB’s intention is to focus on engaging with the Board and Management of the core companies with a view to transforming their performance and increase shareholders’ value.

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