KUALA LUMPUR, Dec 23 — Permodalan Nasional Bhd (PNB) will continue to look at how it can allocate its investment portfolio across various asset classes and industries as well as to take into account the "greener and cleaner energy in the future” global mega trend.

President and group chief executive Ahmad Zulqarnain Onn said PNB is currently the single-largest shareholder in Sapura Energy Bhd and Velesto Energy Bhd, and its exposure to the oil and gas (O&G) sector constituted about five per cent of its total portfolio.

"Our view is that O&G sector is at the cyclical trough given the reduced demand due to the pandemic.

"It is a cyclical industry and has always been and eventually the cycle will turn for the better,” he told a virtual press conference following the announcement of Amanah Saham Bumiputera’s (ASB) income distribution of 4.25 sen for the financial year ending Dec 31, 2020 by group chairman Tan Sri Dr Zeti Akhtar Aziz today.

Ahmad Zulqarnain said in the near term, PNB would focus on ways to weather the difficult period and it had seen some benefits coming in through improvement and operational efficiencies, cost optimisation and value preservation of the companies.

For the longer term, he acknowledged that the shift towards renewable energy is inevitable as it is good for the society.

"But we also believe it will be a steady and gradual one, giving opportunities for Malaysian companies to adjust their strategies and to participate in this trend,” he added. — Bernama