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JANUARY 8, 2002

Malaysian government establishes company to buy Sepang

THE Malaysian government has decided that a company called Minister of Finance (MOF) Inc. will buy the Sepang racing circuit from Malaysia Airport Holdings. MOF is the investment subsidiary of the Finance Ministry and owns almost half of the airport business. The government is keen to continue to use motor racing as a means of promoting the country but it was felt that there was little sense in either the national airline company or Petronas the national oil company owning a racing circuit.

The government has also set up a separate company to buy property owned by the loss-making Malaysian Airline System to help the company pay off some of its debts.

The deals are both being seen as a way of tidying up some of the businesses which have been worst hit by the recession.