Khazanah Nasional kept up its practise of monetising its stockholdings through the equity-linked route on Wednesday by raising $399 million through the sale of a zero-coupon exchangeable sukuk exchangeable into Beijing Enterprises Water Group shares.
As part of its ongoing effort to promote Malaysia as a financial hub for the Islamic community, it has become a routine for Khazanah to cash out part of its stock portfolio through the exchangeable route every one or two years. These repeated issues help develop a pool of Shariah-compliant products and also set benchmarks for other institutions.
Khazanah generally tends to choose Malaysian and Hong Kong stocks as the underlying...
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