Sell-downs in Southeast Asia amid index gains

Khazanah sells $370 million worth of shares in Malaysia's CIMB bank, while the controlling shareholders of Thai broadcaster BEC World raise $126 million from the sale of a 5.6% stake.

Malaysia’s government investment fund Khazanah last night sold a small portion of its stake in CIMB, the country’s second largest financial services provider, raising M$1.17 billion $370 million. The sale came as the Malaysian stockmarket hit a new two-year high, and as international investors are starting to view the market as a bit of a Southeast Asia laggard with the potential for a year-end rally.

Malaysia’s benchmark index is up 16.9% so far this year, which puts it...

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