Telekom Malaysia Said to Sell Axiata Shares for $131 Million; Stock Gains

Telekom Malaysia Bhd., the state- controlled fixed telephone operator, raised 414 million ringgit ($131 million) selling 90 million shares of Axiata Group Bhd., two people with knowledge of the transaction said.

The shares were sold at 4.60 ringgit each, said the people who couldn’t be identified because the information was confidential. CIMB Investment Bank Bhd. and Credit Suisse Group AG managed the sale, they said.

Telekom said in a stock exchange filing last night that it plans to dispose a total of as much as 191.5 million shares in Axiata through private placements and on the open market.

To contact the reporter on this story: Soraya Permatasari in Kuala Lumpur at soraya@bloomberg.net

To contact the editor responsible for this story: Barry Porter at bporter10@bloomberg.net

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