Khazanah has been considering selling down stakes in some companies, including Tenaga Nasional. (Reuters pic)KULA LUMPUR: Malaysian sovereign wealth fund Khazanah Nasional Bhd has sold RM1.39 billion (US$340 million) worth of shares in state-owned power firm Tenaga Nasional Bhd, according to people with knowledge of the matter.The 100 million Tenaga shares were placed at RM13.91 apiece on Tuesday, with settlement set for Friday, the people said, asking not to be identified because the deal is confidential.The shares were sold at a 4.5% discount to Tuesday’s closing price of RM14.56 a share.Khazanah is the second-largest shareholder in Tenaga with a 17.7% stake, according to data compiled by Bloomberg.The Employees Provident Fund is the biggest shareholder.A representative for Khazanah didn’t respond to a request seeking comment, while Tenaga declined to comment.Khazanah has been considering selling down stakes in some companies, including Tenaga.Last year, it sold bonds exchangeable into shares of the electricity firm and used the proceeds for general investments, refinancing of borrowings and working capital.
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