KUALA LUMPUR: Malaysian sovereign wealth fund Khazanah Nasional Bhd said on Friday it raised RM735.7 mil through a share sale to institutional investors in national telecoms firm Telekom Malaysia.
The fund said in a statement it sold 172.3 million shares at RM4.27 apiece, a 3.6% discount to Telekom’s closing price on Thursday.
It said the Telekom placement is the third largest in the Asean region so far this year and is part of a restructuring of Khazanah’s overall portfolio, with the proceeds to be utilised for future new investments and the diversification of Khazanah’s asset allocation.
Khazanah, which owned 26.2% of Telekom equity as of March, according to Refinitiv data, said domestic long-only funds, foreign institutional investors and existing institutional investors participated in the share sale, with domestic investors making up a majority.
CIMB and Credit Suisse were joint bookrunners. – May 22, 2020, Reuters
