Malaysia's Digistar gets go-ahead for RM 280 million of serial bonds

By Marisa Wong

Madison, Wis., Sept. 3 - Digistar Corp. Bhd. said its subsidiary, Persada Sdn. Bhd., plans to issue up to RM 280 million of fixed-rate serial bonds.

The Securities Commission Malaysia approved the bonds on July 10, according to a company announcement on Tuesday.

United Overseas Bank (Malaysia) Bhd. will be the lead arranger for the proposed issuance.

The bonds will be issued in 11 tranches with tenors ranging from five years to 15 years.

Proceeds will be used to finance construction costs for the Malaysian National Technology Advancement Centre at Alor Gajah, Melaka under a concession agreement with the Malaysian government.

RAM Ratings Services Bhd. has assigned a long-term rating of AA1 to the proposed bonds.

Digistar is a communications systems company based in Ampang, Selangor, Malaysia.

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