KUALA LUMPUR: State-owned sovereign fund Khazanah Nasional Bhd has sold 60 million shares worth RM406.8 million in Tenaga Nasional Bhd (TNB) via a private placement exercise.
The sale, seen as part of the sovereign fund’s divestment in government-linked companies, was managed by placement agents – CIMB Group Holdings Bhd and Deutsche Bank.
The shares sold represented 1.1% of TNB’s paid-up capital. Transacted at RM6.78 per share, the price represents a discount of 2% of TNB’s closing price on Tuesday. The shares closed three sen higher at RM6.95 yesterday.
According to Bloomberg data, Khazanah’s stake in TNB fell to 34% after the sale exercise. In a brief statement released yesterday, CIMB said the placement agents have successfully completed the exercise, adding that there was strong demand from both domestic and foreign institutional investors for the exercise.
Last month, Khazanah also sold an 8.7% stake in Malaysia Airports Holdings Bhd through a placement exercise.
Over the past seven years, Khazanah has made profits of RM13.6 billon from divestment of its non-core assets.
From May 2004 to the end of 2011, the sovereign fund has sold RM31.7 billion worth of non-core assets.
Prime Minister Najib Tun Razak had announced early this year that Khazanah and Permodalan Nasional Bhd would transfer 10 non-core businesses to Bumiputera companies.
Last year, the sovereign fund posted a higher pretax profit of RM5.3 billion from the RM3 billion recorded in 2010, boosted by eight divestments that raked in total proceeds of RM7.7 billion.