Malaysia's Malakoff Power plans to offer up to RM 5.4 billion sukuk

By Marisa Wong

Madison, Wis., Nov. 26 - Malaysia's Malakoff Power Bhd. received approval from the Securities Commission Malaysia to issue up to RM 5.4 billion of sukuk, according to a Maybank Investment Bank Bhd. announcement.

The sukuk will be issued one-off in tranches. Each tranche will have a tenor of more than one year and up to 18 years.

The issuance is to be made within one year of the Securities Commission Malaysia's authorization.

Proceeds from the planned sukuk will be used for the early redemption of RM 4.9 billion of outstanding sukuk issued in January 2013.

Malakoff Power is a wholly owned subsidiary of Malakoff Corp. Bhd., which is 51% owned by MMC Corp. Bhd. MMC is a Kuala Lumpur-based company engaged in investment holding, construction, mining and mineral exploration.

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