KUALA LUMPUR, April 27 — Tenaga Nasional Bhd’s (TNB) stock was under pressure today after national sovereign fund Khazanah Nasional Bhd trimmed its holdings in the utility company last week.

Since trade resumed this morning, the stock has been in the red after Khazanah disposed of 1.3 per cent of its stake, continuing Friday’s sell off.

As at 10.31am, its share price had declined to RM12.08 after shedding eight sen since the opening with 2.92 million shares transacted.

This is not the first time the sovereign fund has trimmed its holdings in the utility company, following a similar exercise in April last year.

However, Khazanah still remains as its largest shareholder.

According to Bloomberg equity data, over the past six months the utility company’s share price has declined about RM1.92 per unit from RM14.00 to RM12.08 today with market capitalisation standing at RM69.15 billion. — Bernama

https://www.malaymail.com/news/money/2020/04/27/tnb-counter-under-pressure-as-khazanah-trims-its-holdings/1860573