Khazanah raises US$380mln from sale of CIMB stake

The fund divests 2% of its 147mln shares in CIMB.

Malaysian sovereign-wealth fund Khazanah Nasional Bhd. has raised around MYR1.18 billion (US$380 million) from the placement of 147 million shares in CIMB Group Holdings Bhd., lowering its stake in the Southeast Asian banking group to 29.0% from 31.01%, a person familiar with the deal said Tuesday.

The shares, representing around 2% of CIMB's issued and paid-up share capital, were placed at MYR7.99 ($2.59) each to investors mainly in Asia and Europe, the person said in a report in the Wall Street Journal.

CIMB's shares closed Tuesday at MYR8.10 ($2.63). The placement was completed Monday night, the person said, at a 2% discount to their Monday closing level of MYR8.15 ($2.64).

UBS AG (UBS) was the sole bookrunner on the deal.