historical background

Malaysian Kuwaiti Investment Co. Sdn Bhd (“MKIC”) a Government Linked Company (GLC) was formed after a series of bilateral meetings between the Kuwaiti and Malaysian Government following the Economic and Technical Co-operation Agreement signed on 21st January 1975 which paved the way for the establishment of a Joint-venture holding company for direct Kuwaiti investment in Malaysia. The Joint Venture Agreement was executed on 13th May 1980 between Perbadanan Nasional Berhad (PERNAS), Kuwait Real Estate Investment Consortium K.S.C (KREIC) and the Public Institution for Social Security, Kuwait (PIFSS). MKIC was incorporated on 6 September 1980. The Ministry of Finance (MOF) provided the funds using PERNAS as a conduit to own 52% of the shares in MKIC while the balance 48% was owned by the Kuwaiti authorities. In August 1994, the 52% ownership of shares held by PERNAS was transferred to MOF (Incorporated) since PERNAS was undertaking its listing exercise in KLSE.

Over almost four decades, the company had undergone various stages of growth from a period of inactivity in 1980 to its current healthy financial standing. In the past, the company had 5 core activities comprising of property, plantations, trading activities, manufacturing and financial services. However throughout the mid-nineties, efforts were focused on rationalizing the activities of the group by divesting non-performing activities namely trading, manufacturing and financial services. The company then intensified the activities of its 2 remaining core activities namely property development and oil palm plantations. In 1997 the company divested all its property activities and focused on its core activity of oil palm plantation and palm oil milling.

The Company’s current strategic plan is to diversify its activities to ensure a sustainable revenue base with new income generating activities.In line with its diversification strategy, the Company had since ventured into large scale village chicken project, commercial planting of coconuts and its down-stream activities, large scale mud crab farming, cattle integration under oil palm, cash crops and investments in real estates as well as Fintech start-up.