Dec 11 Malaysian state investor Khazanah Nasional Bhd is selling up to 60 million shares worth around 408 million Malaysian ringgit ($133 million)in the country's largest electricity utility, Tenaga Nasional Bhd , according to a source familiar with the deal.
The sale will be priced at between 6.75 and 6.80 ringgit per share, said the source who declined to be named as the information was private.
The selling price is about 1.7 to 2.5 percent lower than the stock's closing price of 6.92 ringgit on Tuesday.
The sale, representing about 1 percent of Tenaga's existing issued shares, will reducer Khazanah's stake in the power company to 34 percent.
Officials at Khazanah and Tenaga were not immediately available for comment.
CIMB Group Holdings Bhd and Deutsche Bank are the joint bookrunners on the share sale, the source said.
In November, Khazanah sold an 8.7 percent stake in Malaysia Airport Holdings Bhd through a placement worth around 583 million ringgit ($191 million). ($1 = 3.0595 Malaysian ringgits) (Editing by Matthew Tostevin)