State-owned investment firm Khazanah Nasional Bhd is looking to sell a block of shares in CIMB Group Holdings Bhd for RM571 million to RM581 million, IFR reported citing a term sheet.

The shares up for sale have been priced at RM6.31-RM6.42 per share, IFR, a Thomson Reuters publication, reported. CIMB shares closed at RM6.42 on Wednesday, according to Reuters.

Around 90.5 million shares, or 1%, of the share capital are being sold in the block. There is an undisclosed upsize option depending upon the response to the offer.

There is a 60-day lock up on the investment company. Khazanah declined to comment and CIMB did not respond to a request for comment.

CIMB and JP Morgan Chase & Co are the joint bookrunners for the deal, IFR reported.

The Malaysian Reserve had earlier reported that Khazanah disposed of 65.8 million shares in CIMB in May, leaving the firm with 2.63 billion shares, or a 29.14% stake, in the second-largest bank by assets in Malaysia. — Reuters