Shares in CIMB, Malaysia’s second-biggest bank, fell to their lowest level in five months after state investment fund Khazanah Nasional trimmed its stake further through an overnight block trade that raised M$555 million $132 million.
The transaction's impact went far above its relatively tiny size. Investors took note because it came hot on the heels of Mitsubishi UFJ Financial Group's MUFG sale of its CIMB stake last month. What's more, it was Khazanah’s second sale of CIMB shares in less than three months with the last sale in late July netting $133 million for the state fund.
The transaction itself was...
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