---
endpoint: analytics
pattern: Power
status: done
latency_ms: 193383
conversation_id: c00fe5e3-e5ee-45b1-b01e-c24914f239f5
citations: 3
created: 2026-05-31 22:21:49Z
---

# Who are the key shareholders of Tenaga?

# Tenaga Nasional Berhad (TNB MK / 5347) — Key Shareholders

Tenaga is majority-owned by Malaysian government-linked institutions (GLICs). Per Tenaga's own FY2025 Integrated Annual Report disclosure, the company is classified as a government-related entity by virtue of substantial shareholdings held by EPF and Khazanah [2]. Free float is estimated at ~30% [1].

## Top Substantial Shareholders (Tenaga FY2025 Annual Report — as at 31 Dec 2025)

| Shareholder | Stake (2025) | Stake (2024) |
|---|---|---|
| **Employees Provident Fund Board (EPF)** | **22.6%** | 18.3% |
| **Khazanah Nasional Berhad (KNB)** | **17.2%** | 20.4% |

EPF is a statutory body established under the Employees Provident Fund Act; Khazanah is wholly owned by Minister of Finance Incorporated (MoF Inc.), the Malaysian sovereign investment arm [2].

## Broader Shareholder Composition (Tenaga IR Disclosure — Sep 2024 snapshot)

Tenaga's own investor slides (Sep 2024) provided a more granular breakdown of the GLIC ownership stack at that date [3]:

| Shareholder | % stake (Sep 2024) |
|---|---|
| Khazanah Nasional Berhad | 16.7% |
| Permodalan Nasional Berhad (PNB) | 15.8% |
| Employees Provident Fund Board (EPF) | 18.3% |
| Kumpulan Wang Persaraan (KWAP) | 7.5% |
| Other Government Agencies | ~1.7% |
| Local Corporation & Retail | ~22.6% |
| Foreign Shareholding | 18.6% |

Source: Tenaga Nasional Berhad Q3 2024 Earnings Slides [3].

## CLSA Cross-check (27 May 2025)

CLSA's "Tenaga — O-PF (Fresh start)" note, priced 27 May 2025, listed major shareholders on its cover sheet as [1]:

- **PNB 21.3%**
- **Khazanah 20.9%**
- Foreign shareholding: 19.0%
- Free float (est.): 30.0%
- Shares in issue: 5,643.6m; Market cap: US$19.3bn

(Note: CLSA's snapshot pre-dates the FY2025 annual report; ownership stakes among the GLIC bloc — EPF, Khazanah, PNB, KWAP — rotate frequently as funds rebalance, which explains the gap between CLSA's May-2025 figures and the company's own end-2025 disclosure where EPF moved up to 22.6% and Khazanah down to 17.2%.)

## Key Takeaways

- **Government-linked control bloc**: EPF + Khazanah + PNB + KWAP collectively own ~60%+ of Tenaga, making it effectively a state-controlled utility despite being publicly listed on Bursa Malaysia.
- **EPF has been increasing its stake** — from 18.3% (end-2024) to 22.6% (end-2025) [2], now the largest single shareholder per the most recent annual report.
- **Khazanah has been trimming** — from 20.4% (end-2024) to 17.2% (end-2025) [2].
- **Foreign ownership ~18–19%** — relatively modest, consistent with Tenaga's status as a regulated domestic utility.

---
**Sources**
[1] Tenaga — O-PF (Fresh start) — CLSA (27 May 2025) — 607960696LinqAlpha.PDF
[2] Tenaga Nasional Bhd. (5347-MY) — Integrated Annual Report 2025 (period end 31-Dec-2025), Note 45 Related Party Disclosures
[3] Tenaga Nasional Berhad — Q3 2024 Earnings Call slides (Nov 2024), Shareholdings disclosure

## Citations

- [1] **607960696LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607960696LinqAlpha.PDF>
- [2] **Tenaga Nasional Bhd. (5347-MY) - Annual Report for period end 31-Dec-2025 (English) - PDF - 2 / 5** · external
- [3] **Tenaga Nasional Berhad Q3 2024 Earnings Call Nov 29 2024.pdf** · external

