Khazanah Nasional, the Malaysian sovereign wealth fund, has sold a further 5% of its stake in Telekom Malaysia, the country’s largest telecoms company.
The sale of 178.9m shares raised MR581m (US$180m) and was placed with local and foreign institutions….
Khazanah Nasional, the Malaysian sovereign wealth fund, has sold a further 5% of its stake in Telekom Malaysia, the country’s largest telecoms company.
The sale of 178.9m shares raised MR581m (US$180m) and was placed with local and foreign institutions. The placement agents were Maybank Investment Bank and Nomura Singapore.
This reduces Khazanah’s holding in TM to 37%.
It seems to be part of a strategy of divestment in TM as Khazanah has sold down its holding in the operator three times in eight months. The Malaysian government has had a long-standing policy to diversify its capital markets internationally, with only 20% of Malaysian stocks in foreign hands at the moment.
TM said that this was purely a shareholder matter, while contacts at Khazanah Nasional were unavailable for comment.
