Reuters reported today(11 Dec 2009)that Khazanah placed out 87 million shares in national utility Tenaga raising RM704.7 million. The shares were sold at RM8.10 a share.
This placement is part of Khazanah’s plan to reduce its ownership in government-linked companies in a bid to increase market liquidity in those companies so as t create a more liquid and vibrant Bursa.
Tenaga shares were down 0.48 per cent at RM8.36 a share yesterday. The stock has gained 34.4 per cent so far in 2009, one of the most obvious laggard behind the wider market’s 43.7 per cent rise.
Hopefully, more GLC shares including that of Tenaga is sold out to the open market so that life is restored to Bursa.
Right now, it is one hibernating bear!
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