July 13, 2012 / 11:51 AM / 5 years ago

Malaysia's Petronas Gas gets nod to issue $364 mln Islamic bonds

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KUALA LUMPUR, July 13 (Reuters) - Kimanis Power Sdn Bhd, 60 percent-owned by Malaysia's Petronas Gas Bhd, has obtained regulatory approval to issue up to 1.16 billion ringgit ($363.6 million) worth of Islamic bonds to fund its 285 megawatt Kimanis power plant project.

The parent company, the natural gas arm of state-owned oil and gas group Petronas, said on Friday the fund raising would come in the form of a 16-year sukuk programme, which has been rated AA- by the Malaysian Rating Corporation Bhd.

Shares of Petronas Gas closed 0.78 percent lower at 17.86 ringgit per share on Friday, underperforming the broader index's 0.05 percent rise. ($1 = 3.1900 Malaysian ringgits) (Reporting By Yantoultra Ngui, editing by Jane Baird)

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