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Malaysia's Media Prima to sell up to RM 100 million bonds exchangeable into New Straits Times
New York, July 5 - Media Prima Bhd. said it plans to sell up to RM 100 million in an offering of five-year bonds exchangeable into ordinary shares of The New Straits Times Press (Malaysia) Bhd.
Media Prima currently holds a 43.29% stake in New Straits Times and intends to keep its ownership at a minimum of 33%.
Commerce International Merchant Bankers Bhd. will be bookrunner for the deal.
The proposed offering will allow the company to take advantage of current low interest rates and obtain an "attractive source of funding," Media Prima said in a regulatory filing.
Media Prima is a Petaling, Selangor, Malaysia-based newspaper publisher and investment holding company.
The offering is subject to Media Prima obtaining various approvals.
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