Khazanah Nasional Bhd, the Malaysian state investor, is selling off fifty million shares reportedly worth 418.5 million ringgit or US$135.04 million in the largest power firm in Malaysia, Tenaga Nasional Bhd. The said transaction was confirmed by two banking sources who declined to propvide their identities.

The shares of stock being offered is priced between 8.12 ringgit and 8.37 ringgit. The said price range has an equivalent discount of nearly 3% to the closing price of the shares in Tenaga at close of the bourse last Monday.

The shares were 1.1% of the paid capital for Tenaga Nasional Bhd. This was the second divestment undertaken by the Malaysian sovereign wealth fund as it had just sold off 8.7% of its shareholdings in Malaysia Airport Holdings Bhd. This second sale was also done through a private placement.

With the sale, the stake of Khazanah would be reduced from 33.46% to 32.56% as confirmed by data from Thomson Reuters.

When sought for comment, Tenaga and Khazanah officials were not immediately able to provide one.

The joint bookrunners on the sale, according to the banking sources, are CIMB Group Holdings Bhd and Deutsche Bank.