Malaysia's MMC subsidiary may sell RM 1.5 billion notes under program

By Susanna Moon

Chicago, Aug. 27 - MMC Corp. Bhd. said its 70%-owned subsidiary, Pelabuhan Tanjung Pelepas Sdn Bhd., has established an Islamic medium-term notes program of up to RM 1.5 billion in nominal value.

The program will have a tenor of 10 years from the date of the first issuance, which is expected to be in September.

Proceeds will be used to finance the capital expenditure for the development of phase 2 of the Port of Tanjung Pelepas and for PTP's working capital requirements.

MMC is a Kuala Lumpur, Malaysia-based company engaged in investment holding, construction, mining and mineral exploration.

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