Malaysia-based Paramount's KDU unit plans up to RM 350 million sukuk

By Marisa Wong

Madison, Wis., Feb. 4 - Paramount Corp. Bhd. announced that wholly owned subsidiary KDU University College Sdn. Bhd. plans to issue up to RM 350 million of Islamic medium-term notes under a sukuk program.

KDU University has mandated Hong Leong Investment Bank Bhd., OCBC Al-Amin Bank Bhd. and RHB Investment Bank Bhd. to act as the joint lead arrangers and joint lead managers for the proposed sukuk program.

The Securities Commission Malaysia approved the proposed sukuk on Jan. 31.

Paramount is a property development company based in Petaling Jaya, Malaysia. The private college is also based in Petaling Jaya.

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