KUALA LUMPUR (Oct 10): Khazanah Nasional Bhd via its associate Pulau Kapas Ventures Sdn Bhd (PKV) has disposed of its 3.7% stake, equivalent to 67.5 million shares, in TIME dotCom Bhd, whose share price climbed to an all-time high of RM5.56 last week.

However, TIME did not reveal in its filing to Bursa Malaysia the amount raised by the national sovereign fund through the share sale.

The shares changed hands on Tuesday (Oct 10). Bloomberg’s off-market transaction data shows that 67.5 million TIME shares traded on Oct 10 at RM5.29 apiece, or RM357 million.

Khazanah via PKV remains the largest shareholder of TIME holding a 25.1% stake after the share divestment, compared with a 28.8% stake previously.

In a statement, Khazanah highlighted that the disposal is part of its efforts to recognise the importance of the wider portfolio rebalancing initiatives to generate cash inflow for future reinvestments, to fulfil its mandate of growing long-term wealth and socioeconomic value.

It also shared its successful 15-year journey with Global Transit International Sdn Bhd (GTI) in transforming TIME’s operational and financial growth.

“Since the inception of our partnership with GTI, TIME has exhibited robust growth, recently having achieved a market capitalisation exceeding RM10 billion for the first time in February 2023. The partnership with GTI is a successful example of Khazanah’s role in supporting and developing our local entrepreneurs, in line with our mandate.

“As part of our Advancing Malaysia strategic initiative, we will continue to identify potential partners with proven track record, execution capabilities, and viable business ideas to join us in nurturing and empowering the next generation of Malaysian companies.

“With this, the monetization exercise has come at the right time given TIME’s commendable share price performance and returns, following the successful partnership. As we close this chapter of our partnership with GTI through PKV, we embark on a new one and will remain supportive of GTI as their journey continues with TIME,” said Khazanah managing director Datuk Amirul Feisal Wan Zahir.

Meanwhile GTI chief executive officer Afzal Abdul Rahim said GTI is privileged to count on Khazanah as an important and supportive partner in TIME’s journey.

“Fifteen years ago, we embarked on an ambitious challenge to rehabilitate TIME. We’ve worked hand in hand with Khazanah at every step of the way to make important strategic decisions,” Afzal shared.

TIME shares fell five sen to close at RM5.38, giving it a market capitalisation of RM9.94 billion.