KUALA LUMPUR - MALAYSIA’S Ahmad Zaki Resources Bhd has received regulatory approval from the Securities Commission for a one billion ringgit (US$307.98 million) Islamic bond that will be established through its wholly-owned unit EKVE Sdn Bhd, the construction firm said in a stock exchange filing yesterday.
Funds from the proposed “sukuk murabahah”, which will have a tenure of up to 22 years from its issuance date, will be used to finance the East Klang Valley Expressway in capital Kuala Lumpur.
Maybank Investment Bank and Bank Pembangunan Malaysia are the joint principle advisers, lead arrangers and lead managers of the proposed sukuk, while Maybank Islamic is the shariah adviser.
Meanwhile, 1Malaysia Development Bhd, a sovereign wealth fund, is considering selling 1.5 billion ringgit (US$461.96 million) of Islamic bonds to relocate air force units from a base sitting on prime land in the capital, Bloomberg reported yesterday.
1MDB had earlier announced it would build a residential and commercial development, dubbed Bandar Malaysia, on the air base in order to complement plans to build financial district in the city.
1MBD had already awarded a 2.1 billion ringgit contract to the Malaysian Armed Forces Fund Board (LTAT) in April to develop sites outside Kuala Lumpur to house the air force units that have been using the base.
Bloomberg said 1MDB will not be hiring Goldman Sachs to arrange the debt offering.
Reuters
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