[KUALA LUMPUR] Malaysian sovereign wealth fund Khazanah Nasional Bhd is divesting part of its stake in national power utility Tenaga Nasional, two sources familiar with the matter told Reuters on Thursday.
Khazanah is looking to sell 82 million shares of Tenaga, or about 1.5 percent of the total shares outstanding, which could raise up to US$294 million, according to a termsheet seen by IFR, a Thomson Reuters publication.
The fund is looking to sell the stake at RM14.30-RM14.56 per share, according to the termsheet. Tenaga's shares closed at RM14.56 on the Kuala Lumpur stock exchange on Thursday.
Khazanah is the largest shareholder in Tenaga with a 29.7 per cent stake.
Khazanah and Tenaga were not immediately available for comment.
The two sources did not want to be identified because the matter is not yet public.
One source said the sale is part of Khazanah's divestment strategy.
Earlier this year, Khazanah sold 1.58 per cent in hospital operator IHH Healthcare Bhd, raising RM829 million.
Last January, Khazanah sold 112 million shares in Tenaga Nasional Bhd.