Businessounds.com

posted by admin on Jul 30

Khazanah Nasional Bhd, Malaysia’s government-owned investment business company, took off his 5% stake in state-owned telecommunications company Telekom Malaysia Bhd worth U.S. $ 181 million. A number of bankers are not willing to reveal unnamed Khazanah to sell 178.9 million shares or 5% ownership stake in the business of providing Internet and telephone services of Telekom Malaysia, the price of 3.25 ringgit per share. This price is 2.7% lower than the closing share price on the stock exchange in Kuala Lumpur yesterday at 3.34 ringgit. “Shares are sold to local and foreign institutional investors,” said one banker, today. According to these bankers, Maybank Investment Bank Bhd and Nomura Holdings Inc. became the manager for placement sale of shares.

A spokesman for Khazanah Asuki Mohd Abas said the two banks would soon make an announcement. He did not comment further. Prime Minister Najib Razak said at the March 30 state-owned company would reduce its shareholding in public companies for the purpose of liberalizing the exchange and attract foreign investors to Malaysia. Khazanah is also planning to sell 32.2% stake in the state postal company Pos Malaysia Bhd. Telekom shares rose 0.3% to touch 3.35 ringgit at 11:15 hours when Kuala Lumpur, while Malaysia’s stock index rose 0.5%.