CORRECTED-Malaysia's TH Heavy Engineering to issue $52 mln sukuk
(Changes to Hong Leong Islamic Bank Bhd, not Hong Leong Investment Bank Bhd, in third paragraph)
KUALA LUMPUR, Sept 5 (Reuters) - Malaysia's TH Heavy Engineering Bhd, a provider of offshore oil and gas services, said on Thursday it will issue a three-year 170 million ringgit ($51.76 million) Islamic bond, or sukuk, to service its existing debt and finance working capital.
THHE, which counts Malaysia's pilgrim fund Tabung Haji as its top stakeholder, said in a stock exchange announcement that the sukuk was authorised by the Securities Commission and will be issued in a year.
MIDF Amanah Investment Bank Bhd and Hong Leong Islamic Bank Bhd are advising the company on the deal. The sukuk will have an annual profit rate of 7 percent and distribute semi-annual returns.
TTHE, one of the only major fabricators licensed by Petroliam Nasional Bhd in Malaysia, has previously completed work for Shell, ExxonMobil Corp and Murphy Oil Corp. ($1 = 3.2845 Malaysian ringgit) (Reporting by Al-Zaquan Amer Hamzah; Editing by Muralikumar Anantharaman)
- Target stores' customers hit by major credit card attack
- UPDATE 3-Saab wins Brazil jet deal after NSA spying sours Boeing bid
- As Modi storms into India's election, a quiet alternative emerges
- Facebook, Zuckerberg, banks must face IPO lawsuit: judge
- U.S. prosecutor defends treatment of Indian diplomat |