• Most Popular
  • Most Shared

Malaysia's UMW plans 800 mln rgt Islamic paper deal

Mon Jun 22, 2009 9:16pm EDT

Stocks

   

KUALA LUMPUR, June 23 (Reuters) - Malaysian auto-to-energy group UMW Holdings Bhd (UMWS.KL) has set up a programme to sell up to 800 million ringgit ($226.1 million) of Islamic paper to refinance its borrowings and for working capital.

The paper will be issued under the musharaka concept, UMW said in a statement.

Under the musharaka principle, parties contribute capital to a venture with profits to be shared according to an agreed ratio, while losses are generally divided as per the capital contribution ratio.

Maybank Investment Bank Bhd, the investment banking arm of Maybank (MBBM.KL) is the deal's lead arranger, UMW said. ($1=3.538 Malaysian Ringgit)

(Click on [ID:nISLAMIC] for more Islamic finance stories and ISLAMIC for a speed guide) (Reporting by Liau Y-Sing)



More from Reuters

Demonstrator holds a signboard with a slogan "Bla bla bla ACT NOW" during a rally outside the UN Climate Change Conference in Copenhagen December 12, 2009. REUTERS/Christian Charisius

"Polluters are given rights to continue their dirty habits"

A climate change scientist blasts proposals for a cap and trade system, arguing it allows dirty industries to continue polluting, instead of rewarding innovation.  Full Article | Full Coverage 

    Climate Conference
    A farmer carries buckets to collect water as he walks on a dried-up pond on the outskirts of Yingtan, Jiangxi province November 3, 2009. REUTERS/Stringer

    The heat is on

    Farmers in northwest China are living with lost crops, dry wells and frequent droughts. Their resulting poverty is directly linked to climate change.  Full Article 

    Green Business
    Indian woman mourns death of her relative killed in tsunami in Cuddalore. When an earthquake of magnitude 9.15 struck off Indonesia's Aceh province on December, 26, 2004, it triggered a huge tsuanmi that raced across the Indian Ocean and hit Indonesia, Thailand, Sri Lanka and India. The worst natural disaster of the decade left 230,000 people dead or missing. Taken on December 28, 2004 by Arko Datta

    Pictures that defined a decade

    A woman's grief amid the tsunami devastation and one woman's fight against police in the Amazon are among the indelible Reuters images of the last 10 years.  Slideshow 

    Pictures