Khazanah raises $168.6m by selling Telekom Malaysia shares at discount

The Khazanah Nasional Berhad logo is displayed on a laptop. Photo: Thitikorn Suksao/DealStreetAsia

Malaysian sovereign wealth fund Khazanah Nasional Bhd on Friday said it divested 172.3 million shares in telco player Telekom Malaysia Bhd (TM), raising gross proceeds of 735.7 million ringgit ($168.6 million).

The placement price of 4.27 ringgit per share represents a 3.61 per cent discount to TM’s closing price of 4.43 ringgit on Thursday, the fund said in a statement.

The share placement exercise is part of an ongoing portfolio restructuring by Khazanah, the proceeds of which will be utilised for new investments and diversification of asset allocation. The share sale is the largest telecommunications-related placement in Malaysia and the third largest in ASEAN so far this year, Khazanah said.

The sovereign wealth fund said domestic long-only funds, foreign institutional investors and existing institutional investors participated in the share placement exercise. Domestic institutional investors made up a majority of the buyers.

CIMB and Credit Suisse were joint bookrunners for the share placement exercise.

The transaction comes after Khazanah sold 12 million shares, equivalent to an 11.59 per cent stake, of ACE market-listed genetics screening company Malaysian Genomics Resource Centre Bhd last week.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.