KUALA LUMPUR: State investor Khazanah Nasional Bhd is selling 112 million shares worth up to US$454 million (RM1.64 billion) in power group Tenaga Nasional Bhd (TNB), according to a term sheet seen by Reuters yesterday. The shares are being priced at between RM14.40 and RM14.60 apiece, according to the sheet, which is equivalent to a discount of about 1.35% to 2.7% to the closing price TNB's shares yesterday. The sale will reduce Khazanah's stake in the country's largest company by market value to 29.64% from 31.64% now, according to Thomson Reuters data. Officials at TNB and Khazanah were not immediately available to comment. CIMB Group Holdings and Credit Suisse are the joint bookrunners on the sale, the sheet showed. TNB on Jan 22 reported a 34.3% jump in net profit for the first quarter ended November to RM2.35 billion, mainly on higher charges and sales of electricity.