Malaysia's DRB-Hicom to set up RM 1.8 billion Islamic MTN program

By Marisa Wong

Madison, Wis., Nov. 2 - DRB-Hicom Bhd. plans to establish an up to RM 1.8 billion Islamic medium-term note program. The Malaysia Securities Commission approved the proposed program on Monday.

Maybank Investment Bank Bhd. will be the principal adviser, lead arranger and lead manager for the sukuk program.

The program will have a tenor of 15 years from the date of the first issuance.

Proceeds will be used to finance working capital requirements; to finance current or future projects, investments or capital expenditure; to refinance borrowings; and to defray expenses incurred from the sukuk program.

Malaysian Rating Corp. Bhd. has assigned a preliminary rating of AA- to the program with a stable outlook.

DRB-Hicom is a Shah Alam, Malaysia-based automotive manufacturing, assembly and distribution company. The company is also engaged in the services and property and infrastructure sectors.

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