Malaysia's Petronas rolls out RM 2 billion seven-year sukuk program

By Marisa Wong

Madison, Wis., April 19 - Malaysia's Petronas Dagangan Bhd. proposed an up to RM 2 billion Islamic commercial paper and Islamic medium-term notes program. The sukuk program was approved by the Securities Commission Malaysia on Friday, according to a Bursa Malaysia announcement.

CIMB Investment Bank Bhd. and HSBC Amanah Malaysia Bhd. are the joint lead arrangers and joint lead managers for the seven-year sukuk program.

Proceeds will be used to finance capital expenditure, working capital and general corporate purposes.

Malaysian Rating Corp. Bhd. has assigned preliminary short- and long-term ratings of MARC-1 and AAA, respectively, to the program.

Petronas Dagangan markets petroleum products and is based in Kuala Lumpur.

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