Khazanah Nasional sold M$1.2 billion $289 million of shares in power distributor Tenaga Nasional through a discounted block trade late Thursday, the latest transaction under the state fund’s strategy of selling Malaysian stocks to increase liquidity.
Tenaga is one of Khazanah’s most frequent selldown targets. It has sold shares every year since 2012, raising about $1.5 billion through five transactions, including four aftermarket block deals and a $500 million bond, exchangeable into Tenaga shares, in 2014.
Its stake in Tenaga has dropped to 28% after Thursday’s deal from 35% five years ago.
The deal was a boon for joint leads CIMB and especially...