The sovereign fund is working with CIMB Group Holdings Bhd. (CIMB), Deutsche Bank AG (DBK) and Standard Chartered Plc (STAN) on a potential offer, said the people, who asked not to be identified because the information is private. Khazanah could raise $500 million to $1 billion, though a final decision on whether to proceed has yet to be made, one person said.
The Shariah-compliant bonds, or sukuk, would be exchangeable into shares of companies controlled by Khazanah, the people said. The fund owns about 33 percent of Tenaga Nasional Bhd. (TNB), the country's biggest power producer, and about 29 percent of Telekom Malaysia Bhd., data compiled by Bloomberg show. It's also the largest shareholder in telecommunications company Axiata Group Bhd. (AXIATA) and IHH Healthcare Bhd. (IHH)
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