Thursday May 31, 2012

RM8bil sukuk for KVMRT

Danainfra says the amount sufficient to finance project until June 2013

Kuala Lumpur: Danainfra Nasional Bhd, a wholly-owned subsidiary of Minister of Finance Incorporated, will issue RM8bil worth of government-guaranteed sukuk to partly finance the Klang Valley Mass Rapid Transit (KVMRT) project.

The massive project is being developed and managed by Mass Rapid Transit Corp Sdn Bhd (MRT Corp).

The Finance Ministry said the initial financing first issue would be the Islamic Commercial Paper and/or Islamic Medium Term Notes Programme and/or Syndicated Islamic Revolving Credit up to a combined limit of RM8bil.

“Of the RM8bil financing programme, the first drawdown is expected to be issued by early next month.

“The amount is expected to be sufficient to finance the KVMRT project until June next year before further financing amount is to be raised, depending on the total project cost that can only be finalised upon the last contract award by MRT Corp,” it said in a statement.

The ministry said four banks, namely AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd have been appointed as the joint lead arrangers for the financing programme,

Danainfra was established for a specific purpose as a social funding vehicle for the government to source for funds to finance infrastructure projects by the Government. Bernama

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