<article><a href="http://www.khazanah.com/">Khazanah Nasional Bhd</a>, the state investment fund of Malaysia, has completed a placement of 2 per cent stake in the largest Electric utility company in the country <a href="http://www.tnb.com.my/">Tenaga Nasional Bhd</a>, raising MYR1.62 billion ($451 million).</article>

<a href="http://www.khazanah.com/">Khazanah Nasional Bhd</a>, the state investment fund of Malaysia, has completed a placement of 2 per cent stake in the largest Electric utility company in the country <a href="http://www.tnb.com.my/">Tenaga Nasional Bhd</a>, raising MYR1.62 billion ($451 million).
The 2 per cent, or 112 million shares, were placed at MYR14.50 each. At that placement price, it was a 2 per cent discount to the MYR14.80 closing market price on January 28, 2015.
The shares were initially offered between MYR14.40 and MYR14.60 each.
Post the placement, Khazanah will hold a 29.64 per cent stake in the biggest power distributor in Malaysia, from its previous 31.64 per cent.
According to <a href="http://www.financeasia.com/News/394004,khazanah-raises-451m-in-tenaga-block.aspx">FinanceAsia</a>, a banker close to the deal said the final book was well-covered with a diverse mix of domestic, international long-only institutional investors and hedge funds.
The allocations, the <a href="http://www.financeasia.com/News/394004,khazanah-raises-451m-in-tenaga-block.aspx">report</a> said, were skewed towards domestic and long-only funds, which accounted for 86 per cent of the book.
FinanceAsia, which had viewed the term sheet, reported that it was a top-heavy book, with the top ten investors receiving 84 per cent of the deal.
The banker further said it was over two-thirds covered when books opened.
In Khazanah’s recent earnings statement, the fund said it has received MYR4.9 billion in profits from its Tenaga holdings. The fund sold some of its stake in Tenaga in June 2013, raising $130 million after selling 50 million shares at MYR8.24 per share.
In September, Khazanah sold a $500 million stake in the utility company through a zero-coupon exchangeable sukuk.
CIMB Investment Bank Bhd and Credit Suisse (Singapore) Ltd were joint bookrunners.
Also read: <a href="http://www.dealstreetasia.com/stories/khazanahs-portfolio-9-2014/">Khazanah’s portfolio up 9% for 2014</a>

Khazanah raises $451m in Tenaga placement

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Khazanah raises $451m in Tenaga placement

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