Shareholders in Malaysia's RHB Capital and Axiata cash in

The Employees Provident Fund sells 4.5% in RHB Capital, while Malaysia Telekom offloads just under half of its 2.27% stake, raising a combined $368 million.

After a second strong day on the Malaysian stock exchange, shareholders in two of the country’s most well-known names approached investors last night in an attempt to secure some profit before year end. The Employees Provident Fund EPF sold a 4.5% stake in domestic bank RHB Capital and Telekom Malaysia divested 1.1% in mobile operator Axiata Group, raising a combined $368 million.

CIMB and Credit Suisse were joint bookrunners for both placements, resulting in a busy night for the two firms, with RHB Capital’s investment banking arm joining them on EPF’s sell-down in RHB.

Both deals received strong interest from institutional investors and since the Axiata block was done on a first-come, first-serve...

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