KUALA LUMPUR (Oct 20): Khazanah Nasional Bhd disposed of a 0.93% stake in Tenaga Nasional Bhd (TNB) for RM530.28 million earlier this week.

According to a bourse filing on Thursday, the sovereign wealth fund offloaded 54 million shares in TNB a day prior, equivalent to a 0.93% stake in the utility giant, paring its equity interest in the company to 22.56%.

While the filing did not disclose the price at which Khazanah sold the shares, a check with Bloomberg’s off-market transaction data for on Wednesday showed that the 54 million shares were disposed at RM9.82 ― a 2% discount to the day’s closing price of RM10.02.

Based on back-of-the-envelope calculations, the fund raised RM530.28 million from the disposal of said 54 million shares.

With this latest disposal, Khazanah has offloaded a total of 159.81 million shares or a 2.76% stake in TNB since the beginning of the year.

The sovereign wealth fund has also been paring its stake in other listing companies in its portfolio this year, namely in CIMB Group Holdings Bhd and TIME dotCom Bhd.

It disposed of a 1.05% stake in CIMB, dropping its interest in the bank to 23.01%. Meanwhile, it also offloaded a 3.65% stake in TIME, slashing its stake in the telecommunications service provider and data centre operator to 35.73%.

Khazanah Nasional owns a 36.73% stake in Axiata Group Bhd, 20.18% in Telekom Malaysia Bhd, 20.65% in Astro Malaysia Holdings Bhd, 11.71% in Farm Fresh Bhd, 25.94% in IHH Healthcare Bhd, as well as 69.14% in UEM Edgenta Bhd and 69.56% in UEM Sunrise Bhd via UEM Group Bhd.

At the noon break on Friday, shares in TNB settled 11 sen or 1.1% lower to RM9.87, valuing the company at RM57.12 billion.