Khazanah looks to sell CIMB shares for up to US$136 mln

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KUALA LUMPUR: State-owned investment firm Khazanah Nasional Bhd is looking to sell a block of shares in Malaysia’s CIMB Group Holdings Bhd for RM571 million to RM581 million, IFR reported citing a term sheet.

The shares up for sale have been priced at RM6.31 to RM6.42 per share, IFR, a Thomson Reuters publication, reported.

Around 90.5 million shares or one per cent of the share capital are being sold in the block. There is an undisclosed upsize option depending upon the response to the offer.

There is a 60-day lock up on Khazanah, which owns 29.1 per cent of CIMB, the second largest bank by assets in Malaysia.

Khazanah declined to comment and CIMB did not respond to a request for comment.

CIMB and JP Morgan are the joint bookrunners for the deal, IFR reported. — Reuters