State to sell USD750m Telekom Malaysia convertible bonds, papers say

Telekom Malaysia’s majority shareholder Khazanah Nasional plans to issue around MYR2.76 billion (USD750 million) in five-year bonds convertible into shares in the telco, according to The Star online quoting sources familiar with the deal. The issue is aimed at Middle Eastern investors and being sold via a book-building exercise, the sources said. State investment company Khazanah Nasional, which owns around 40.15% of Telekom, is spearheading a government plan to overhaul state-run companies and pave the way for a sale of government holdings. Khazanah has declined to comment.