Khazanah raised over RM400 million in placement exercise

Khazanah Nasional Bhd, the country's sovereign wealth fund, raised over RM400 million as it disposed 50 million shares in Tenaga Nasional Bhd via a placement exercise.

The placement, which was arranged by CIMB Group and Deutsche Bank, was executed at RM8.24 per share. The placement price represents a 1.6 per cent discount to the closing market price on June 3, 2013.

With the placement completed, Khazanah's stake in TNB is reduced to 32.6 per cent, from 33.5 per cent previously.

The placement allows Khazanah to profit from TNB's recent surge in share price.

In the last 12 months, TNB’s share price gained approximately 30 per cent, outperforming the benchmark FBM KLCI Index which is up by over 13per cent.