Malaysian conglomerate YTL Corp. is scouting for bargains again in the UK, after the nation voted to leave the European Union that sent assets plummeting.
While Brexit may prompt overseas companies to steer clear from the UK, YTL’s managing director Tan Sri Francis Yeoh sees it as an unprecedented opportunity to snap up assets at cheaper prices.
In an interview with Bloomberg, Yeoh said that the company will look for infrastructure utility assets in the UK over the next two to three years.
YTL is one of Malaysia’s biggest investment holding groups with utilities and property in Britain. It acquired Wessex Water Services in 2002 with other investments include the Gainsborough Hotel in Bath and the former Filton airfield in Bristol.
Yeo said since 2008, the company hasn’t been able to snap up assets with attractive prices till now, adding it has about RM 13.5 billion in cash that could potentially be used for expansion. He stressed that company has a strong liking on utility assets that are long term.
Following its historic vote to leave EU, the pound experienced a record plunge on Friday, dropping as much as 11% with UK stocks falling to its lowest in more than a decade, sending global markets into a tailspin.