Malaysia's Gamuda to issue Islamic paper for up to RM 300 million

By Reshmi Basu

New York, Sept. 27 - Construction firm Gamuda Bhd. said its subsidiary, Garum Intisari Sdn. Bhd., plans to issue up to RM 300 million of Islamic paper under its Al-Murabahah commercial paper and medium-term note programs.

The first tranche, which is comprised of RM 200 million in five-year medium-term notes, is expected on Wednesday.

Part of the proceeds will be used for the development of a 1,241-acre residential township known as Bandar Botanic in Klang in the central state of Selangor.

Funds will also be used for working capital and to refinance existing debt.

Under the program, the commercial paper may bear a tenor of one month to one year while the medium-term notes may carry a tenor of one to seven years.

Gamuda Bhd. is based in Kuala Lumpur, Malaysia.

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