Telenor cuts stake in Malaysia's

The majority of the $491 million placement is bought by domestic investors, including new strategic partner Time dotcom.

Norwegian telecom operator Telenor ASA has reduced its stake in MalaysiaÆs Berhad to 49% as part of a three-way agreement that will also see DiGi gain access to a 3G license.

Telenor directly sold a 10.2% stake in MalaysiaÆs third largest mobile operator through a placement, raising a total of M$1.64 billion $491 million. The transaction, which took place yesterday and was arranged by CIMB and JPMorgan, ranks as the largest equity deal from Malaysia...

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