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Hot Stock Tenaga share price falls on Khazanah stake cut news
by Cals Wed 11 May 2016, 13:23
- Hot Stock
[size=28]Tenaga share price falls on Khazanah stake cut news
By Chester Tay / theedgemarkets.com | May 10, 2016 : 4:20 PM MYTKUALA LUMPUR (May 10): Tenaga Nasional Bhd saw its share price fall as much as 1.7% today, after a news report said its parent, Khazanah Nasional Bhd, is mulling reducing its stake in three listed companies to raise RM3.6 billion.
As at 3:58pm today, Tenaga fell 18 sen or 1.28% to RM13.94, ranking it as the fifth largest loser on Bursa Malaysia. The counter saw some 11.83 million shares done.
Bloomberg, quoting sources, reported that Khazanah asked banks to pitch for a role arranging the sale of about 2% each in Tenaga, IHH Healthcare Bhd and Axiata Group Bhd.
Khazanah is the largest shareholder in these companies.
IHH fell six sen or 0.92% to RM6.46, with 2.39 million shares done; while Axiata also fell six sen or 1.11% to RM5.34, with 2.65 million shares traded.
The sovereign fund has been trimming its stakes in listed Malaysian companies, as part of a government directive to boost liquidity on the local bourse, Bloomberg said.
It noted that Khazanah sold US$448 million of Tenaga shares in January last year and raised US$144 million, paring its stake in Westports Holdings Bhd in 2014.
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