Malaysia's Malakoff Power Bhd will raise up to RM5.4 billion ringgit ($1.68 billion) through Islamic bonds to pay off an existing bond, the company said in a central bank filing yesterday.
Malakoff Power Bhd is a wholly-owned unit of Malakoff Corp Bhd, the country's largest independent power producer. Malakoff Bhd, controlled by tycoon Syed Mokhtar Al-Bukhary, is expected to launch an initial public offering to raise over $1 billion (RM3.2 billion) in the first half of 2014.
CIMB Group Holdings Bhd and Maybank Investment Bank Bhd are principle advisers for the bond. - Reuters, December 12, 2013.