Malaysia's Ekovest issues $769 mln of bonds to fund highway project

KUALA LUMPUR Mon Dec 2, 2013 9:32am EST

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KUALA LUMPUR Dec 2 (Reuters) - Malaysian builder Ekovest Bhd has issued bonds worth up to 2.48 billion ringgit ($769 million) via a 70 percent owned unit to part-finance the second phase of construction of a highway in the country, it said on Monday.

The company said Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd issued 2.3 billion ringgit in nominal value sukuk musharakah, or Islamic bonds, and 180 million ringgit in nominal value junior bonds.

The bond issues, to partly fund the construction of the 18 km expressway in the Malaysian capital, have been accorded ratings of AA-IS and A- with stable outlook, respectively, by Malaysian Rating Corp Bhd, according to a local stock exchange filing.

CIMB is the sole principal adviser, lead arranger and lead manager for the deals. ($1 = 3.2230 Malaysian ringgit) (Reporting By Yantoultra Ngui; Editing by Anthony Barker)

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