Malaysia's state investment arm Khazanah Nasional Bhd said on Saturday three new directors have been appointed to its board.
The asset manager, which oversees $10.5 billion in assets, was at the centre of a recent government drive to ramp up the performance of state-linked firms.
Khazanah's new directors are Minister in the Prime Minister's Department Mustapa Mohamed, former executive chairman of the Kuala Lumpur Stock Exchange Mohammed Azlan Hashim and fast-rising corporate star Mohamed Azman Yahya, state-run Bernama news agency reported.
The change follows a move two weeks ago by Prime Minister Abdullah Ahmad Badawi to give Khazanah management of stakes in about 30 listed firms held by fellow state agency, the Minister of Finance Inc.
Abdullah has also appointed new chief executives for Khazanah, power utility Tenaga Nasional and phone firm Telekom Malaysia.
Analysts have welcomed the changes, which form part of the government's drive to improve performance at state-linked firms, which have a market value totalling $61 billion.
"Malaysian corporate development has been distorted for more than two decades. (The changes) are the reform steps necessary to empower the private sector," Morgan Stanley economist Daniel Lian wrote in a recent report.
Khazanah's assets include big stakes in UEM World Bhd, Tenaga Nasional, Telekom Malaysia, Time dotCom Bhd, Malaysia Airport Holdings Bhd, Astro, Plus Expressways Bhd and Proton Holdings Bhd.
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