UPDATE 1-Malaysia's Khazanah raises $75.7 mln from Telekom Malaysia share placement

(Adds more detail, background)

KUALA LUMPUR, April 15 (Reuters) - Malaysian sovereign wealth fund Khazanah Nasional Bhd said on Thursday it had raised 312 million ringgit ($75.71 million) through a sale of shares in national telecommunications company Telekom Malaysia Bhd to local institutional investors.

Khazanah Nasional said in a statement the share placement exercise was part of efforts to rebalance its portfolio and recycle investments from existing assets into new assets.

“Proceeds from the placement will be utilised for new investments, including investments in new strategic sectors that can help to spur Malaysia’s economic growth and create new high-skilled jobs,” the fund said.

Khazanah’s shareholding in Telekom Malaysia will stand at 20.1% following the placement, it said.

Last year, Khazanah also sold shares in Telekom Malaysia, raising 735.7 million ringgit, as part of its portfolio restructuring.

Credit Suisse and CIMB were joint bookrunners for both placement exercises. ($1 = 4.1210 ringgit) (Reporting by Rozanna Latiff. Editing by Jane Merriman)