KUALA LUMPUR: State-owned investment firm Khazanah Nasional Bhd is looking to sell a block of shares in Malaysia’s CIMB Group Holdings Bhd for RM571 million-RM581 million (US$133.22-US$135.56 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.

Around 90.5 million shares or 1%t 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 Khazanah, which owns 29.1% of CIMB, the second largest bank by assets in Malaysia.

Khazanah declined to comment and CIMB did not respond to a request for comment.

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