TM sells stake in Axiata for RM468m

Telekom Malaysia Bhd (TM) has placed out 92.36 million shares in Axiata Group Bhd at RM5.07 per unit. The placement has raised gross proceeds of RM468.3 million.

TM said its unit TM ESOS Management Sdn Bhd yesterday completed the bookbuilding exercise of Axiata shares. The transaction price of RM5.07 was a 1.2% discount over yesterday’s closing of RM5.13.

TM said the shares were placed out to third-party foreign institutional investors. Following the placement, it is left with 807 shares which the telco will dispose of on the open market. Goldman Sachs was the sole book runner, according to Reuters