KUALA LUMPUR (Sept 8): Khazanah Nasional Bhd is disposing of 100 million shares representing just under 1% in CIMB Group Holdings Bhd in an accelerated placement, Bloomberg reported.

The price range is set between RM4.79 and RM4.94 per share, according to its term sheet sighted by the news agency.

This represents a discount of up to 3.04% to CIMB's current share price.

The counter settled up three sen or 0.61% to RM4.94 on Wednesday, giving it a market capitalisation of RM49.47 billion. Year-to-date, its share price has appreciated by 14.88%, although still trending below its pre-Covid level of above RM5.

Within Khazanah's portfolio, CIMB is parked in Khazanah's commercial basket, comprising investments which the latter may monetise whenever the right value exists.

With the sale, Khazanah will raise anywhere between RM479 million and RM494 million. The terms also includes an option for the Malaysian sovereign wealth fund to increase the size of the deal by 38.4 million shares.

Post-transaction, Khazanah will be subject to a 60-day lock-up on its stake. Credit Suisse and CIMB are joint bookrunners for the corporate exercise, Bloomberg reported.

Khazanah is the largest shareholder of CIMB, with control over 2.7 billion shares representing 27.01% in the ASEAN banking group currently.

As at end-July, other substantial shareholders in CIMB included Employees Provident Fund (15.5%), Permodalan Nasional Bhd (12%), and Kumpulan Wang Persaraan (Diperbadankan) (6.3%), CIMB's website showed.