KUALA LUMPUR (Oct 4): An undisclosed institutional shareholder in Kuala Lumpur Kepong Bhd (KLK) raised about RM663.6 million after pricing the sale of its entire stake in the plantation company above the midpoint of a marketed range, Bloomberg reported, citing the terms for the deal.

Bloomberg reported that the investor priced the sale of the estimated 31.6 million shares at RM21 each.

"Shares were offered at RM20.50 to RM21.20 each. Final price represents 7.8% discount to last close (at RM22.78).

"JPMorgan is arranging the deal," it said.

Based on KLK's issued base of 1.06 billion shares, the 31.6 million shares represent an estimated 2.83% stake in the company.

At Bursa Malaysia, KLK's share price fell as much as RM1.78 or 7.81% to RM21 so far today. At 10:43am, the counter was traded at RM21.18 with 1.28 million shares transacted.

KLK was the top decliner across Bursa.

At the time of writing, KLK had not made a Bursa filing on the stake sale by the institutional investor.