KUALA LUMPUR (Nov 29): Tenaga Nasional Bhd (TNB) shares hit an intraday high of RM15.48 today, after rising 50 sen or 3.3% from its last closing market price of RM14.98 yesterday.

Its intraday high marks the highest level in more than 2-years for the stock, since it last hit an intraday high of RM16.02 on March 31, 2015. 

On Oct 26, the national utility company proposed a final dividend of 44 sen per share, amounting to RM2.49 billion for its financial year ended Aug 31, 2017 (FY17), bringing its total payout for the year to 61 sen per share or RM3.5 billion — a record-high annual payout.

The ex-dividend date for the final dividend is Dec 19, 2017, with payment date on Dec 29.

According to Bloomberg, 19 out of 22 analysts tracking TNB had 'Buy', 'Add' or 'Outperform' calls on the counter, with target prices ranging from RM15.70 to RM19.

At 4.24 pm today, TNB shares pared some gains and were trading at RM15.34, up 36 sen or 2.4%, after 22.91 million shares exchanged hands. The counter was also among the top 3 gainers on Bursa Malaysia today.

Earlier today, The Straits Times reported TNB’s largest shareholder Khazanah Nasional Bhd — which has a 28% stake in the utility as at Oct 12, 2017 — is under pressure to change its investment strategy.

“The Straits Times understands that there is a push by some within the Prime Minister [Datuk Seri] Najib Razak's vast circle of advisers to change Khazanah's investment strategy, especially since the fund's managing director, Tan Sri Azman Mokhtar, is due to leave in mid-2019, after a 15-year run at the helm,” the report said.

The Straits Times report also stated Khazanah lost 8% of its value or RM9 billion in public wealth, over two years.

Khazanah’s other notable investments include a 26% stake in Telekom Malaysia Bhd, a 37% stake in Axiata Group Bhd, a 29% stake in CIMB Group Holdings Bhd and a 41% stake in IHH Healthcare Bhd.