Federal Land Development Authority (Felda) is selling part of its stake in Maybank to raise up to RM280 million, The Wall Street Journal reported.

It is offering to sell its Maybank shares for between RM8 and RM8.05 per share, the daily reported. Maybank's shares closed at RM8.05 yesterday.

CIMB Investment Bank is the sole book-runner of the deal, according to a term sheet sighted by the financial daily.