Malaysia's Octagon Consolidated plans to issue up to RM 130 million in Islamic paper

By Reshmi Basu

New York, July 8 - Octagon Consolidated Bhd. said it plans to issue up to RM 130 million in Islamic paper under its proposed commercial paper and medium-term note programs, pending the approval of the Malaysian Securities Commission.

Under the program, the commercial paper may carry a maturity of 1, 2, 3, 6, 9 or 12 months while the medium-term notes can bear a maturity of one to seven years.

Proceeds will be used to partly finance a waste management project and a waste tire-recycling project and for working capital and for other acquisitions.

The program is based on the Islamic financing principles of Murabahah and Ijarah.

Commerce International Merchant Bankers Bhd. is the lead manager and arranger.

Malaysian Rating Corp. Bhd. will rate the proposed issuance.

The issue, based in Selangor, manufactures industrial paints, inks and chemical products.

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