9 September 2016 12:02 am
REUTERS: Malaysian sovereign wealth fund Khazanah Nasional Bhd is divesting part of its stake in national power utility Tenaga Nasional, two sources familiar with the matter told Reuters yesterday.
Khazanah is looking to sell 82 million shares of Tenaga, or about 1.5 percent of the total shares outstanding, which could raise up to $294 million, according to a termsheet seen by IFR, a Thomson Reuters publication.
The fund is looking to sell the stake at 14.30 ringgit-14.56 ringgit (US$3.54-$3.60) per share, according to the termsheet.
Tenaga’s shares closed at 14.56 ringgit on the Kuala Lumpur stock exchange yesterday.
Khazanah is the largest shareholder in Tenaga with a 29.7 percent stake.
Khazanah and Tenaga were not immediately available for comment.
The two sources did not want to be identified because the matter is not yet public. One source said the sale is part of Khazanah’s divestment strategy.
Earlier this year, Khazanah sold 1.58 percent in hospital operator IHH Healthcare Bhd, raising 829 million ringgit.
Last January, Khazanah sold 112 million shares in Tenaga Nasional Bhd.