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Malaysian sovereign fund to pare stake in CIMB Group

Malaysia's Khazanah Nasional Bhd. is reportedly selling part of its stake in CIMB Group Holdings Bhd. to raise up to 564 million ringgit.

The sovereign wealth fund has kicked off the sale of 90.5 million shares of CIMB Group, Reuters reported, citing Thomson Reuters' IFR. According to a term sheet seen by IFR, the fund is seeking to sell the shares at an indicative price range of 6.13 ringgit to 6.24 ringgit.

Khazanah Nasional owns an approximately 28.1% stake in CIMB Group, according to Reuters.

Khazanah Nasional and CIMB Group did not immediately respond to Reuters' requests for comment.

The report came after Japan's Bank of Tokyo-Mitsubishi UFJ Ltd. in September sold its entire 4.6% stake in CIMB Group for 2.56 billion ringgit as part of its global strategy.

As of Oct. 16, US$1 was equivalent to 4.22 Malaysian ringgit.