The Selangor State Development Corporation (PKNS) may have to sell off its assets to cover the cost of expanding its operations, Menteri Besar Abdul Khalid Ibrahim said today.

Khalid said the move was vital in a bid to turn PKNS into the largest real estate company in the country.

NONE "However, it is up to the PKNS board of directors to decide," he told reporters at the Aidiladha do hosted by the Karangkraf Media Group in Shah Alam.

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Khalid was asked whether the transfer of five of PKNS' commercial assets worth RM321 million to a wholly-owned subsidiary of PKNS was a preliminary move to sell off the PKNS assets.

The menteri besar said the PKNS management had accepted the idea to expand its operations after realising that it was lagging far behind CapitaLand Ltd, a Singapore real estate developer that was established long after PKNS.

"So, we want PKNS to become bigger. This will not incur losses to Selangor or Malaysia," he said.

Asked whether PKNS focused more on making profits than implementing the Malay agendas, Khalid said the Malays made up the majority in the PKNS management group and they were striving for the Malay agendas, as well as the national agendas.

On the proposal to raise the rental rates for tenants at the PKNS Complex in Shah Alam, he said bumiputera entrepreneurs who could not afford to pay the rent would be given aid and assistance.

- Bernama