U.S. Markets close in 5 hrs 55 mins

MALAYSIA-PRESS-Selangor state plans $315.46 mln wealth fund-Malaysian Reserve

The Selangor state government is planning to set up a one billion ringgit ($315.46 mln) sovereign wealth fund to develop major urban centres like Petaling Jaya and Klang into "world-class" cities.

The Selangor Urban Development Fund will raise part of the money from private sector businesses in real estate and infrastructure development by leveraging assets like state-owned land. The fund will be parked under the state.

Selangor Chief Minister Khalid Ibrahim revealed the plan in Johor while presenting a paper at the Future of Urban Living Conference in Iskandar.

"Realising several constraints, especially financial in nature, the state government will unlock the value of the underlying assets, in particular parcels of land belonging to the state, by reconfiguring or leveraging on assets themselves as major funding sources", he said.-Malaysian Reserve

----

NOTE: Reuters has not verified this story and does not vouch for its accuracy.

($1 = 3.1700 Malaysian ringgits) (Reuters)