Khazanah sells 82m Tenaga shares for RM1.17b

In a filing with Bursa Malaysia, the national utility company said it signed an energy purchase and wheeling agreement (EPWA) on Wednesday to buy electricity from Laos

KUALA LUMPUR: Khazanah Nasional Bhd disposed of 82 million shares of Tenaga Nasional Bhd for a total of RM1.17bil, stock market data showed on Friday.

The block of shares were divested by the sovereign wealth fund at RM14.30 each, down 26 sen from Thursday's closing price of RM14.56.

The shares represented 1.5% of the power giant's paid-up capital. No details of the buyer were made available.

Expectations of the lower divestment price tag for Tenaga had weighed on its share price on Friday and dragged the FBM KLCI into the red throughout the whole day.

At 3.56pm, Tenaga's share price was down 12 sen to RM14.44. There were 4.63 million shares done at prices ranging from RM14.30 to RM14.50.

The FBM KLCI fell 5.23 points or 0.31% to 1,686.15. Turnover was 1.06 billion shares valued at RM939.18mil. There were 300 gainers, 428 losers and 361 counters unchanged.

Reuters reported Khazanah is the largest shareholder in Tenaga with a 29.7% stake.

Last January, Khazanah sold 112 million shares in Tenaga Nasional.