Malaysia International Shipping plans to issue RM 1 billion of Islamic paper

By Reshmi Basu

New York, July 27 - Malaysia International Shipping Corp. plans to issue up to RM 1 billion in Islamic paper under the company's Murabahah commercial paper and medium-term note programs, according to a news release.

The Kuala Lumpur-based shipping company said the proposal provides "an alternative source of financing which will enable MISC [Malaysia International Shipping] to effectively plan and manage its funding costs and requirements."

Commerce International Merchant Bankers Bhd. and HSBC Bank Malaysia Bhd. have been mandated as joint lead managers.

Malaysia International Shipping submitted the plan to the Malaysian Securities Commission for approval on Wednesday.

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