Malaysia's Manjung Island issues RM 4.85 billion Islamic securities

New York, Nov. 28 - Manjung Island Energy Bhd. issued the first RM 4.85 billion of Islamic securities under its new issuance program, according to an announcement filed with the Bursa Malaysia by Tenaga Nasional Bhd.

Proceeds from the sale will be used to purchase Shariah-compliant leasable assets from TNB Janamanjung Sdn. Bhd., a wholly owned subsidiary of Tenaga Nasional.

TNB Janamanjung will in turn use the proceeds for the construction and working capital requirements of a 1,010 megawatt coal-fired power plant in Manjung, Malaysia.

Manjung's Islamic securities program is RM 5 billion in size.

Tenaga Nasional is an electric utility based in Kuala Lumpur.

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