KUALA LUMPUR Nov 2 Malaysia's DRB Hicom Bhd
said in a filing to the stock exchange on Tuesday that
it has proposed to establish a 1.8 billion ringgit ($576.9
million) Islamic sukuk programme with a tenure of up to 15
DRB Hicom, a Malaysian automotive player, said it mandated
Maybank Investment Bank Bhd as the principal adviser and
arranger for the sukuk, which was assigned a preliminary rating
of AA by the Malaysian Rating Corp Bhd.
Proceeds from the Islamic bond will be used to finance
working capital requirements, project costs and to refinance
borrowings, the company added.
($1 = 3.120 Malaysian Ringgits)
(Reporting by Min Hun Fong; Editing by Niluksi Koswanage)