Khazanah seeking bank pitches to pare stakes in 3 firms

Kuala Lumpur

MALAYSIAN sovereign fund Khazanah Nasional is considering paring its stakes in three listed companies, in deals that could raise as much as RM3.6 billion (S$1.2 billion), according to people familiar with the matter.

The state-owned investor asked banks to pitch for a role arranging the sale of about 2 per cent each in Tenaga Nasional Bhd, IHH Healthcare Bhd and Axiata Group Bhd, according to the people, who asked not to be identified as the information is private. Khazanah, which is the largest shareholder in the three Malaysian companies, may decide to sell stock in one or all of the firms, one of the people said.