Malaysia's Permanis to start RM 70 million note program

By Angela McDaniels

Seattle, March 24 - C.I. Holdings Bhd. said its subsidiary Permanis Sdn. Bhd. will issue up to RM 70 million of Murabahah underwritten short-term notes and Islamic medium-term notes under a new program.

Issuance is expected to begin during the second quarter, according to a company news release. The program will run for seven years.

Utama Merchant Bank Bhd. will be lead arranger for offerings.

Proceeds will be used to refinance Permanis' bank borrowings and for working capital.

C.I. Holdings is based in Kuala Lumpur, Malaysia, and bottles beverages, operates quarries and produces building and construction products. Permanis bottles soft drinks.

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