New Straits Times
Khazanah raises RM312m from TM share placement
KUALA LUMPUR: Khazanah Nasional Bhd has placed out 53.8 million shares in Telekom Malaysia Bhd (TM) at RM5.80 each, raising gross proceeds of RM312 million.
The placement price represents a three per cent discount to TM’s closing price of RM5.98 on Wednesday.
“The share placement exercise is part of Khazanah’s ongoing efforts to rebalance its portfolio and recycle its investments from existing assets into new assets, including those that are strategic to the country’s future,” it said.
Khazanah said proceeds from the placement would be utilised for new investments, including in new strategic sectors that could spur Malaysia’s economic growth and create new highskilled jobs.
“With the strong share price recovery and demand for TM shares driven by the digital transformation initiatives under the Malaysia Digital Economy Blueprint, the placement provides Khazanah with the opportunity to partially monetise its investment in TM, which will further increase the free float and attractiveness of TM shares.”
Following the placement, Khazanah’s shareholding in TM will stand at 20.1 per cent.
The shares were placed out to a pool of domestic long-only institutional investors, as well as multi-strategy institutional investors, with the bulk of investors being domestic long-only funds.
Credit Suisse and CIMB were joint book runners for the placement.