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Wednesday, December 25, 2013

Malaysia's Telecommunication Maxis eyes MYR10bil sukuk

Malaysia's Telecommunication Maxis eyes RM10bil sukuk

A total 4.875 billion Maxis shares traded off-market.
PETALING JAYA: Maxis Bhd is said to be planning to issue up to RM10bil worth of Islamic bonds over the next two years to refinance the group’s current borrowings and for working capital purposes.
The sukuk will be issued by the telco’s wholly owned unit BGSM Management Sdn Bhd.
CIMB Investment Bank Bhd is the adviser for the deal, according to a Reuters report.
Meanwhile, 4.875 billion Maxis shares were traded off-market on Monday at RM7 apiece. The shares represent a 65% stake in the company and equals the number of shares owned by tycoon T Ananda Krishnan.
Bankers said the transaction could be linked to the planned sukuk sale.
Maxis last sold Islamic bonds six years ago with maturities of five to 50 years.

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