PETALING JAYA: Khazanah Nasional Bhd has completed a placement of 172.3 million shares in Telekom Malaysia Bhd (TM) at RM4.27 per share, raising gross proceeds of RM735.7 million.
The placement price represents a 3.61% discount to the closing market price of RM4.43 on May 21, 2020.
“The share placement exercise is part of the ongoing restructuring of Khazanah’s overall portfolio, with the proceeds to be utilised for future new investments and the diversification of Khazanah’s asset allocation. With strong market demand for the Malaysian blue-chip company, the share placement allows Khazanah to increase the free float and attractiveness of TM as an investment,“ Khazanah said in a statement today.
Domestic long-only funds, foreign institutional investors and existing institutional investors participated in the share placement exercise. Domestic institutional investors make up a majority of the buyers. The share placement exercise is the largest telecommunications-related placement in Malaysia and the third largest in Asean so far this year.
CIMB and Credit Suisse were joint bookrunners for the share placement exercise.