Malaysian sovereign wealth fund Khazanah Nasional Bhd. has sold 1.39 billion ringgit ($340 million) worth of shares in state-owned power firm Tenaga Nasional Bhd., according to people with knowledge of the matter.
The placement represents a significant divestment by the sovereign wealth fund in the country's largest electricity utility. Khazanah, which manages the government's commercial assets, has been gradually reducing its holdings in various state-linked companies as part of its portfolio rebalancing strategy.
Tenaga Nasional, the primary power generation and distribution company in Malaysia, has seen several stake sales by government-linked entities in recent years. The transaction was executed through an accelerated bookbuild offering to institutional investors.
Market observers note that such placements typically occur at a discount to prevailing market prices, though specific terms of this deal were not immediately disclosed. The sale reduces Khazanah's stake in the utility while providing liquidity for its investment activities.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing