Permodalan Nasional Bhd (PNB), the country’s largest fund manager, surprised the market this week after announcing that it plans to sell its entire stake in one of its flagship investee companies – Chemical Company of Malaysia
Bhd (CCM).
PNB said it has entered into a deal with a public-listed company Batu Kawan Bhd to sell its 56.3% stake in CCM for RM292.8mil or RM3.10 per share.
Despite the challenging market conditions, PNB is selling its stake in loss-making CCM at a premium of more than 100% from the latter’s one-year volume-weighted average market price (VWAMP).
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