PNB recently asked investment banks to submit proposals for the potential deal.
The country’s biggest state-owned fund manager, is exploring all options including an offering of exchangeable bonds, or notes backed by shares in a listed company, a representative said Thursday in response to Bloomberg queries. The asset manager hasn’t made a final decision about what the underlying stock would be, according to the people, who asked not to be identified because the information is private. It holds a 48% stake in Malayan Banking Bhd, the country’s biggest lender, valued at more than US$12 billion based on Thursday’s close, data compiled by Bloomberg show.
The fund is seeking capital in foreign currencies so it can boost its overseas investments, one of the people with knowledge of the matter said. PNB is following in the footsteps of Malaysian sovereign wealth fund Khazanah Nasional Bhd, which usually hits the market once a year with a sale of US dollar exchangeable bonds backed by some of its stock-market holdings.
Source: News Formal (newsformal.com)
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