KUALA LUMPUR: Khazanah Nasional Bhd sold 124.72 million shares of PLUS Expressways Bhd from Dec 9 to 21 as the government's investment agency decided to divest its stake in government-linked companies.

Filings with Bursa Malaysia showed Khazanah sold 7.84 million shares on Dec 9, another 2.77 million shares the next day and 31.6 million shares on Dec 11.

Khazanah sold 8.8 million shares on Dec 16 and 26.05 million shares the next day. It continued to reduce its shareholding in the tolled-road operator, disposing of 47.64 million shares on Dec 21.

After the recent disposals, its shareholding was reduced to  2.76 billion shares or 55.25%. The shares were trading between RM3.24 and RM3.26 during that period.

At the current price of RM3.25 as of 11am on Thursday, Dec 31, it is trading at a price-to-earnings of 13.92 times. OSK Investment Research has a buy with a target price of RM4.16 while CIMB Equities Research is neutral with a target price of RM3.66.