Temasek enters Telekom Malaysia

Singapore government finally gains a foothold in Malaysia through the country''s largest ever secondary offering.

Malaysian government-owned Khazanah Nasional Berhad raised M$2.91 billion $769 million from the sale of 300 million shares in Telekom Malaysia yesterday Monday. Singapore government-owned Temasek Holdings took up half of the deal, which was priced at M$9.70 per share.

The transaction represents the largest ever secondary offering from Malaysia, but its true significance lies in the policy shift it signals from the Badawi government. The new prime minister has said he would like to develop closer links with Singapore, boost liquidity on the Kuala Lumpur Stock Exchange and improve the productivity and accountability of major government-linked companies such as Tenaga and Telekom.

The Telekom Malaysia divestment embraces all three and...

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