Khazanah said placing out 7.7pc of MAHB

MALAYSIA'S state fund Khazanah Nasional Bhd is placing out 7.7 per cent of Malaysia Airports Holdings Bhd (MAHB), sources familiar with the matter said yesterday.

This follows a similar exercise in September last year when it sold a 5 per cent stake in the airport operator as part of its programme to reduce its holdings in government-linked firms.

The new placement of 85 million shares, via a bookbuilding process, is aimed at raising as much as RM400 million, according to a term sheet obtained by Reuters yesterday.

Prior to the current placement, Khazanah had a 67.7 per cent stake in MAHB.

CIMB and JPMorgan are joint bookrunners in the placement exercise, the term sheet showed.

The state fund in December sold 2 per cent of key power utility Tenaga Nasional in a bid to woo foreign funds back into Malaysia's stock market.

MAHB shares closed at RM4.90 yesterday.