CIMB: Sellers multiply as Khazanah trims again

Malaysia’s sovereign wealth fund raised $132 million through its second block sale of CIMB shares since July, and there is still room to cut its stake further.

Shares in CIMB, Malaysia’s second-biggest bank, fell to their lowest level in five months after state investment fund Khazanah Nasional trimmed its stake further through an overnight block trade that raised M$555 million $132 million.

The transaction's impact went far above its relatively tiny size. Investors took note because it came hot on the heels of Mitsubishi UFJ Financial Group's MUFG sale of its CIMB stake last month. What's more, it was Khazanah’s second sale of CIMB shares in less than three months with the last sale in late July netting $133 million for the state fund.

The transaction itself was...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222