Eversendai to issue RM500m Islamic bonds

KUALA LUMPUR, Jan 7 – Malaysian construction company Eversendai Corp Bhd will issue RM500 million worth of Islamic bonds, or sukuk, after getting approval from the securities commission, the firm said today.

Eversendai, which focuses on construction jobs in the Middle East, said it has mandated Standard Chartered Saadiq Bhd as the principal adviser, lead arranger and the lead manager for the seven-year sukuk programme.

The proceeds from the Islamic bonds will be used for general corporate purposes and/or for working capital requirements for Eversendai and its subsidiaries, the firm said.

The capital raising announcement comes after the company said last week it targets to raise its stake in Singapore listed Technics Oil & Gas Limited to 20 per cent from 13.7 per cent currently. – Reuters