Following the sale, shares immediately dropped 2.4 percent to RM12.28 at 9.34am.The 44 sen decline wiped out RM2.50 billion from TNB’s market capitalisation, reducing it to RM69.03 billion.
Khazanah was the largest shareholder in the power giant at 28.76 percent or 1.635 billion shares prior to the sale, and remains the largest shareholder by a wide margin even after the sale. This is followed by the Employees Provident Fund with 14.05 percent, while Skim Amanah Saham Bumiputera owns 9.10 percent and KWAP 5.45 percent.
The sale comes after TNB posted its first quarterly loss in more than seven years, which was attributed to higher operating cost and increased impairment of financial instruments.To post or ‘like’ comments on Malaysiakini stories, you will need to sign in with an active paid subscription.
Does the government realize a dump like this impacts shareholders in a big way?
Agreed it's time to sell down many portfolios in GLC. BN Govt was holding majority stake in excess of 30% just to artificially shore up KLSE for years - That is not how privatisation supposed to be. guanenglim AzminAli good work