Malaysia's Megan Memory unit plans to issue Islamic securities for up to RM 320 million

By Reshmi Basu

New York, Aug. 18 - Megan Memory Holdings Bhd. said its wholly owned subsidiary, MTSB, plans to issue RM 320 million of Bai' Bithaman Ajil serial bonds, pending the approval of the Malaysian Securities Commission.

The issuance will be issued all at once with six series of tenors ranging from two to seven years.

The company said the issuance will allow the company to tap the ringgit debt capital market and to benefit from the lower cost of fixed-rate funding.

Proceeds from the sale will be used for the repayment of inter-company loans, for refinancing of existing borrowings and for working capital.

Citibank Bhd. has been appointed as the principal adviser and lead arranger.

Parent company Megan Memory manufactures data storage products such as computer floppy diskettes. It is based in Selangor, Malaysia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.