Abang Johari said he has asked for a study to be carried out to determine the feasibility of the proposed entity, aimed at increasing government revenue over the long term, The Borneo Post reported.

He said the proposed firm could function like Singapore’s Temasek Holdings and Government of Singapore Investment Corporation, the United Arab Emirates’s Mubadala Investment Company, China Investment Corporation, and Japan Investment Corporation.

“All government assets held by various statutory bodies and GLCs like the Sarawak Economic Development Corporation, Sarawak Energy Bhd, and Petroleum Sarawak Bhd would be consolidated under one entity and run like any other business organisation (under this proposal),” he said.

“Such a model would also enable remuneration to be set at a high level and comparable with those in developed countries,” he added.

According to Abang Johari, Sarawak’s investment function is currently placed under Sarawak Incorporated, while the Sarawak Sovereign Wealth and Future Fund has been operating with an initial capital of RM8 billion from the state government.

He announced the proposal while concluding a three-day retreat for the state’s civil service in neighbouring Brunei, to coincide with the launch of the Sarawak trade and tourism office there today.