Khazanah to raise up to RM564mil from sale of CIMB shares - IFR

CIMB Bank's logo on a building in Kuala Lumpur. CIMB Bank is unit of the CIMB Group Holdings Bhd. (Photo taken by Hafidz for Star Online use.)

HONG KONG: Malaysia’s sovereign wealth fund Khazanah Nasional plans to raise up to US$134mil (RM564mil) from sale of some of its shares in the country’s second-biggest bank, CIMB Group Holdings Bhd, IFR said on Monday, citing a term sheet.

Khazanah on Monday launched the sale of 90.5 million CIMB shares in the indicative price band of RM6.13-RM6.24sian ringgit, which would raise RM564mil at the top end, the Thomson Reuters publication said.

The sovereign wealth fund currently owns 2.5 billion shares, or 28.1% equity stake in CIMB, according to Thomson Reuters data.

CIMB and Khazanah did not immediately respond to Reuters requests for comment outside the normal working hours. - Reuters