KUALA LUMPUR (REUTERS) - Malaysia's state investor Khazanah Nasional Bhd is selling up to 293.5 million ringgit (S$115 million) worth of shares in mobile phone operator DiGi.Com Bhd according to a term sheet seen by Reuters on Tuesday.

The shares are being priced at a range between 4.80 and 4.97 ringgit per share, the sheet shows, representing up to 3.4 percent discount to the closing price of 4.97 on Tuesday.

The deal will see Khazanah cease to be a shareholder in the country's third largest mobile phone operator, which is controlled by Norway's Telenor.

CIMB is the sole bookrunner on the share sale, the term sheet showed.