KUALA LUMPUR (Jan 17): Malayan Banking Bhd (Maybank) saw a total of 34.1 million shares, representing 0.33% of its total outstanding shares, disposed of via an off-market trade at RM8.05 apiece.

The disposal, which is believed to have been done by the Federal Land Development Authority (Felda), was done in 14 tranches via direct transactions, and could see RM274.2 million raised.

The figure raised is close to the figure of US$63.1 million (RM281.8 million) reported by Dow Jones yesterday. The report stated that Felda was working on disposing of part of its stake in Maybank at RM8.05 per share, in a move to raise funds to purchase a 37% stake in Indonesia's PT Eagle High Plantations Tbk.

The transaction at RM8.05 was at a discount of 1.47% to its current market price of RM8.17.

With this disposal, Felda would have seen a reduction in its Maybank stake to about 1.6% from 1.9% as at Feb 10, according to the bank's annual report for financial year ended Dec 31, 2015.

The disposal comes at a time when Felda is still under heavy scrutiny over its plan to buy the 37% stake in Eagle High for US$505.4 million.

Felda has seen losses in its two consecutive fiscal years since the public listing of Felda Global Ventures Holdings Bhd in June 2012. For FY15, the statutory board has yet to present the audited accounts to Parliament.

Despite a disposal at a discounted price, Maybank's share price closed higher by 12 sen at RM8.17 with 8.14 million shares changing hands, giving it a market capitalisation of RM83.3 billion.