Khazanah sells 5% stake in Telekom Malaysia

The state-owned investment company raises $180 million from the sale of shares in Malaysia's largest mobile operator, which is done at a tight 2.7% discount.

Khazanah Nasional, the state-owned Malaysian investment company, yesterday sold a 5% stake in Telekom Malaysia through a block trade, raising M$581.3 million $180 million. This was its fourth sell-down in a Malaysian portfolio company in less than a year, indicating it is continuing its strategy of divesting domestic companies to help increase the free-float, while at the same time continuing to diversify its own holdings through investments overseas.

The sell-downs at least appear to be welcome by investors and last night's deal attracted a lot of demand. Few details were available about the transaction or who bought the shares, but the fact that the offering closed within one-and-a-half hours shows that it was a...

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