Malaysia's Tenaga plans to sell up to 5bln rgt sukuk

KUALA LUMPUR, July 5 Mon Jul 4, 2011 8:52pm EDT

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KUALA LUMPUR, July 5 (Reuters) - Malaysia's national power producer Tenaga Nasional will sell as much as 5 billion ringgit ($1.7 billion) in 20-year Islamic bonds, chief executive Che Khalib Mohamad Noh said.

The company will issue the sukuk in August or September with the proceeds used to finance a coal-fired power plant in Janamanjung in the northern state of Perak.

The bonds will be structured according to the ijara or Islamic leasing contract.

($1 = 3.003 Ringgit)

(Click on for more Islamic finance stories and for a speed guide) (Reporting by Liau Y-Sing, editing by Niluksi Koswanage)

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