Khazanah Nasional, Malaysia's state investment company, plans to raise as much as $400m in an initial public offering of its theme park business, a report suggests.

According to Bloomberg news agency, which cited "two people with knowledge of the matter", Khazanah is working with Malayan Banking (MAY) and Bank of America Corporation on the share sale of Themed Attractions and Resorts.

The Kuala Lumpur IPO may raise up to $400m as early as this year, Bloomberg said.