UEM Group Bhd., the infrastructure arm of Malaysian sovereign wealth fund Khazanah Nasional Bhd., made a 282 million ringgit ($68 million) takeover bid to privatize its asset management subsidiary UEM Edgenta Bhd. via a selective capital reduction and repayment exercise.

Malaysian Prime Minister Anwar Ibrahim is under mounting pressure to return a bigger share of federal revenue to Sabah as he leads his coalition into state elections in Borneo, where mistrust of peninsular-based parties runs deep.