Wednesday November 23, 2011
DRB-HICOM plans RM500mil sukuk
KUALA LUMPUR: DRB-Hicom Bhd is planning to sell RM500mil of Islamic bonds to fund working capital and refinance debts, according to a note sent to investors.
The syariah-compliant debt, or sukuk, which pay returns from assets that comply with the religion’s ban on interest, was part of an existing RM1.8bil medium-term programme, the note said.
Orders for the securities opened yesterday and will close today. The bonds would be sold in two portions with tenures of five and seven years, it said.
The programme was assigned a rating of AA-, the fourth-highest investment grade, by Malaysian Rating Corp. — Bloomberg