March 29, 2011 / 12:30 AM / 7 years ago

Malaysia state investor shortlists 3 firms for Pos stake-media

KUALA LUMPUR, March 29 (Reuters) - Malaysia’s Khazanah Nasional has shortlisted three local firms to buy its 32.2 percent stake in Pos Malaysia Bhd , the Business Times reported on Tuesday, as the state investor seeks to divest its non-core assets.

Khazanah has shortlisted DRB-HICOM , Nationwide Express Courier Services Bhd and a joint-venture between Amanah Reit and Malaysia Pacific Corp , the newspaper reported, citing sources familiar with the bidding process for the national postal firm.

Khazanah first announced that it would divest its stake in Pos Malaysia a year ago. [ID:nSGE62T0F3]

Business Times said the shortlisted bidders will make a second and final presentation later on Tuesday to Khazanah and it advisor for the share sale, McKinsey & Co.

Khazanah could not be immediately reached for comment.

Shares in Pos Malaysia jumped 2.8 percent on Monday, valuing Khazanah’s stake at around 574 million Malaysian ringgit ($189.7 million).

The newspaper said the shortlisted firms had bid between 2.2 to 3 times of Pos Malaysia’s book value per share, which stood at 1.54 ringgit at the end of last year. ($1 = 3.026 Ringgit) (Reporting by Niluksi Koswanage; Editing by Dhara Ranasinghe)

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