Malaysia's MY-Info Tech to issue up to RM 80 million of notes

By Reshmi Basu

New York, May 13 - MY-InfoTech Bhd. said it has received board approval on its plan to issue up to RM 80 million notes under its Murabahah underwritten notes/Islamic medium-term note facility.

The Murabahah notes will carry a tenor of one, two, three, six, nine or 12 months while the Islamic notes will bear a maturity from one to seven years.

Proceeds will be used to help finance the acquisition of Formis Holdings Bhd. and Formis Systems & Technology Sdn. Bhd. and for working capital requirements.

The company said the proposed facility would raise funds through private debt securities at a lower cost and that the Islamic capital market provides a wider base of investors.

Amanah Short Deposits Bhd. has been mandated as lead arranger for the proposed facility. Utama Merchant Bank Bhd. and Affin Discount Bhd. will also act as arrangers. ZJ Advisory Sdn. Bhd. is the financial adviser.

The proposed facility is subject to approval from Malaysia's Securities Commission.

The company, based in Kuala Lumpur, is involved in computer software development, computer infrastructure services and managed network services.

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