Institutional Fund Manager Is Selling Up to $116.1 Million of Shares in Malaysia's Tenaga Nasional -- Term Sheet

By Yantoultra Ngui Features Dow Jones Newswires

SHAH ALAM, Malaysia--An unidentified institutional fund manager is selling up to 489.3 million ringgit ($116.1 million) of shares in Malaysia's national electricity utility Tenaga Nasional Bhd. (5347.KU) on Wednesday, according to a term sheet seen by The Wall Street Journal.

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The bookbuilding range for the offer, which represents 35.0 million Tenaga shares, or 0.6% of existing share capital, was between MYR13.90 and MYR13.98 a share, according to the sheet.

That was a discount of 1.55% to 2.11% to Tenaga's Wednesday closing price of MYR14.20.

CIMB Investment Bank was the sole bookrunner for the offer, according to the term sheet.

A Tenaga official wasn't immediately available to comment.

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

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(END) Dow Jones Newswires

October 11, 2017 06:13 ET (10:13 GMT)