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. Last Updated: 07/27/2016

Malaysians Plan Tatar Bourse

KUALA LUMPUR -- Two Malaysian firms with connections to the royal family, STI Corp. and Petra Khyra Investments, on Wednesday signed deals to set up a stock exchange and develop projects in Russia's Tatarstan republic.

The proposed stock exchange will be modeled on the Kuala Lumpur Stock Exchange, officials of the two Malaysian companies and the Tatarstan government said.

The ceremony was witnessed by Prince Naquiyuddin, the eldest son of Malaysian King Tuanku Ja'afar Tuanku Abdul Rahman, whose brother Imran is executive chairman of STI.

Tatarstan's first deputy prime minister, Ravil Mouratov, and its foreign economic relations minister, Rashid Akhounov, signed on behalf of Tatarstan.

Mouratov said the proposed stock exchange could be an ideal platform for Malaysian firms to buy into Tatarstan companies, which could then seek a listing on the Kuala Lumpur exchange.

That would be in line with Kuala Lumpur's aim of allowing foreign firms with substantial Malaysian shareholding to list on the local bourse, he said.

The other deals concerned property development, entertainment ventures and privatization of state concerns such as an insurance firm, optical plant, helicopter manufacturer, telecommunications firm and water supply system.

"We've already started work on the stock exchange and the optical plant and water projects," STI Corp. chief executive Vinod Shekar told reporters. "Lots of these projects are still in the embryo stage, but $2 billion will be a realistic [investment] figure," he said.