Malaysia’s sovereign wealth fund Khazanah Nasional sold M$1.05 billion $255 million of shares in Tenaga Nasional through a discounted block trade on Wednesday. This marks its sixth stake sale in the local power distributor over the last eight years.
The share sale might not be a standout deal regionally but it is important in the context of Malaysia’s capital markets. There has been a prolonged drought of both primary and secondary market transactions for international investors over the last few years, with most deals distributed among local institutional investors.
The lack of international investor participation in Malaysia’s equity capital market stands in sharp contrast...
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