KUALA LUMPUR – Prime Minister Datuk Seri Anwar Ibrahim has clarified that the sale of KidZania Singapore assets by Khazanah Nasional Bhd (Khazanah) subsidiary Destination Resorts and Hotels Sdn Bhd (DRH) to Sim Leisure Group (SLG) was not a share sale transaction.
Anwar, who is also finance minister, explained that SLG had acquired all immovable assets and assets disposed of by the liquidator appointed by DRH at the bid price of RM380,000, as determined by the liquidator.
He elaborated that in early 2020, DRH’s subsidiary, Rakan Riang Pte Ltd (RRPL), which operated KidZania Singapore, had conducted a market study to gauge investors’ interest in purchasing RRPL shares and taking over KidZania Singapore.
However, this endeavour faced significant challenges when the Covid-19 pandemic impacted the country and the tourism industry, Anwar said.
“Following that, DRH made the decision to dissolve RRPL, cease KidZania Singapore operations, terminate the licence agreement with KidZania Mexico, and conclude the building rental agreement with Singapore Development Corporation (SDC) in June 2020.
“These actions were taken after multiple attempts to revive KidZania Singapore’s financial situation proved unsuccessful,” Anwar stated in a written response to a parliamentary question today.
Anwar’s response came in answer to a query from Pang Hok Liong (Labis-PH) about the potential consequences for those responsible for Khazanah’s substantial loss of RM200 million, stemming from KidZania Singapore’s sale to SLG for RM380,000 in November 2020.
The prime minister noted that SLG had purchased all immovable assets directly from the liquidator through negotiations.
The acquisition included the franchise licence with KidZania Mexico and building rental agreements with SDC without the direct involvement of DRH, he said.
In June of the previous year, SLG clarified in a statement that Khazanah was not part of the theme park’s selling process.
They emphasised that KidZania Singapore had ceased operations in 2020 and had become a receiver under the Singapore liquidator, from which SLG acquired the immovable assets. – October 12, 2023