Khazanah raises $451m in Tenaga block

Malaysia's state-owned investment fund trimmed more of its stake in the power producer, which has been extremely profitable for Khazanah.

Khazanah Nasional raised $451 million in an accelerated block of shares in Tenaga Nasional, the largest electricity distributor and utility company in Malaysia.

Books opened on Wednesday night under the joint leads of CIMB and Credit Suisse, with Malaysia’s state-owned investment fund seeking to offload 112 million shares, or approximately 2% of the enlarged share capital, in the power producer.

Shares were offered between RM14.40 to RM14.60 per unit, representing a 1.35% to 2.70% discount to the January 28 closing price of RM14.80, according to a term sheet seen by FinanceAsia. There is a 90-day lockup in place.

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