Malaysia's Poh Kong gets OK for up to RM 150 million sukuk program

By Marisa Wong

Madison, Wis., Oct. 31 - Poh Kong Holdings Bhd. received approval from the Malaysia Securities Commission on Oct. 27 for a proposed Islamic commercial paper/Islamic medium-term notes program of up to RM 150 million principal amount, according to an announcement by Maybank Investment Bank Bhd.

Maybank and RHB Investment Bank Bhd. are the joint principal advisers, joint lead arrangers and joint lead managers for the program, which will be guaranteed by Danajamin Nasional Bhd.

The sukuk program will have a tenor of seven years.

Proceeds will be used to refinance existing borrowings and restructuring costs, as well as to finance Poh Kong's capital expenditures.

Poh Kong is a Kuala Lumpur, Malaysia-based jewelry retailer.

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