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[KUALA LUMPUR] Malaysian state investor Khazanah Nasional Bhd is selling 112 million shares worth up to US$454 million in Malaysia's largest power group Tenaga Nasional Bhd, according to a term sheet seen by Reuters on Wednesday.
The shares are being priced at between 14.40 and 14.60 ringgit per share, according to the sheet, which is equivalent to a discount of about 1.35 to 2.7 per cent to the closing price of Tenaga's shares on Wednesday.
The sale will reduce Khazanah's stake in the country's largest company by market value to 29.64 per cent from 31.64 per cent now, according to Thomson Reuters data.
Officials at Tenaga and Khazanah were not immediately available to comment.
Tenaga on Jan. 22 reported a 34.3 per cent jump in net profit for the first quarter ended November to 2.35 billion ringgit, mainly on higher charges and sales of electricity.
CIMB Group Holdings Bhd and Credit Suisse are the joint bookrunners on the sale, the sheet showed.