KUALA LUMPUR, April 1 Dialog Axiata,
the Sri Lankan unit of Asian mobile services group Axiata Group
Bhd, has won approval to sell up to 1.2 billion
Malaysian ringgit ($388 million) of Islamic bonds, Axiata said
Just four days ago Sri Lanka-listed mobile phone operator
Dialog Axiata won the country's first mobile 4G LTE spectrum
with a 3.2 billion Sri Lanka rupees ($25 million) bid.
Axiata Group is Asia's third-largest mobile services group
outside Japan and China by subscribers.
Dialog Axiata's 15-year long Islamic bond, or sukuk,
programme was approved by the Securities Commission Malaysia.
"Proceeds raised from the issuance of sukuk shall be
utilised for Dialog's funding investments, operational expenses,
capital expenditure and working capital, refinancing of existing
debts and other corporate and funding purposes, provided that
any such utilisation shall be in compliance with Shariah
principles," Axiata said in a stock exchange filing on Monday.
HSBC Amanah Malaysia Bhd and Maybank Investment Bank have
been appointed as the joint principal advisers, joint lead
arrangers and joint lead managers for the sukuk programme.
($1 = 3.0965 Malaysian ringgits)
(Reporting By Yantoultra Ngui; Editing by Hugh Lawson)