Malaysia's Pharmaniaga to sell RM100 million of Islamic bonds

By Reshmi Basu

New York, May 5 - Pharmaniaga Bhd. said it has received approval from Malaysia's Securities Commission for its plan to issue up to RM100 million of Islamic bonds as part of it medium-term note and commercial paper programs.

The financing will include up to RM60 million of Islamic MTNs and up to RM40 million of commercial paper.

The MTNs will carry a tenor of five years while the commercial paper will have a maturity of seven years.

The health care company will use proceeds from the MTNs to partly finance the construction of the Small Volume Injectable Facility (SVI) in Puchong, Malaysia. The remaining RM40 million will be used for working capital.

The Islamic MTN program has been given a long-term rating of AA2(s), and the Islamic commercial program has been given short-term rating of P1 by Rating Agency Malaysia Bhd.

RHB Sakura is the lead arranger for the program.

The company is based in Selangor Darul Ehsan, Malaysia.

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