A potential sale of their life and general insurance business in Malaysia could fetch about $650 million.
The company controlled by Kuok family said it is not discussing with FGV on the potential divestment plan.
Malaysian and U.S. investigators believe about $4.5 billion was misappropriated from 1MDB from 2009-2014.
Navis Capital, which picked up a controlling stake in Eng Kong in 2010 for $55 million, has roped in TC Capital to facilitate the stake sale.
For 1H2019, foreign investments in the services, manufacturing and primary sectors increased by 97.2 per cent.
The investment in Pelikan would mark Ikhlas Capital's maiden deal.
Discussions with Telenor are likely to take three to six months, with a target to conclude talks by November.
Southeast Asian companies bagged investments and inked mergers and acquisitions worth a grand total of $15.18 billion between January and July this ye
PNB said Abdul Rahman will assume the position of non-independent non-executive and chairman at Malaysian conglomerate Sime Darby Bhd.
In terms of value, private equity firms in Asia clocked exits worth $142 billion, recording a new high.
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