By Yantoultra Ngui
KUALA LUMPUR, Malaysia--Malaysian sovereign-wealth fund Khazanah Nasional Bhd. is seeking to raise up to 1.19 billion ringgit ($294.0 million) by selling a portion of its stake in the country's largest electricity utility Tenaga Nasional Bhd. (5347.KU), according to a term sheet seen by The Wall Street Journal late Thursday.
The shares are priced at MYR14.30 to MYR14.56 each, according to the term sheet. Tenaga's shares closed flat at MYR14.56 Thursday, underperforming the local benchmark index's 0.1% rise.
Khazanah currently owns a 29.71% stake in Tenaga.
CIMB is the joint bookrunner of the deal, according to the term sheet.
Write to Yantoultra Ngui at email@example.com