KUALA LUMPUR: Khazanah Nasional Bhd has raised RM664.5mil from placing out 138.4 million shares in CIMB Group Holdings Bhd.

       The sovereign wealth fund said yesterday that the shares, equivalent to a 1.4% stake in CIMB, were placed out at RM4.80 a share and the proceeds will be used for new investments, including under Dana Impak.

       The placement price represents a 2.8% discount to the closing market price of RM4.94 on Sept 8, 2021.

       “The share placement exercise is part of Khazanah’s ongoing efforts to rebalance its portfolio and recycle its investments into new assets in Malaysia and globally, including new investments under Dana Impak,” it said in a statement.

       In line with the objectives of the Perkukuh Pelaburan Rakyat (Perkukuh) initiative as outlined by the government, Dana Impak is intended to catalyse new growth areas, build Malaysia’s economic competitiveness and increase national resilience while driving priority socio-economic outcomes.

       Following the placement, Khazanah remains the single-largest shareholder of CIMB with a 25.6% stake.

       It said the shares were placed out to a good mix of government-linked funds, domestic and foreign long-only institutional investors, existing holders and multi-strategy funds.

       CIMB and Credit Suisse were joint book runners for the share placement exercise.