KUALA LUMPUR Aug 6 A unit of Malaysia's MMC
Corp will issue 4.5 billion ringgit ($1.44 billion) of
Islamic bonds after winning approvals from the securities
commission, the firm said in a stock exchange filing on Monday.
Tanjung Bin Power Sdn Bhd -- a coal-fired power station 90
percent owned by Malakoff Corp that is in turn controlled by MMC
Corp -- will be using the proceeds from the sukuk, or Islamic
bonds, for working capital and to pay off debts, MMC Corp said.
The sukuk programme, with an ijarah structure, runs for 17
years from the first issue date.
The first tranche of sukuk ijarah will be made within two
years from the date of approval by the securities commission
approval that was given on August 6, MMC Corp said.
($1 = 3.1260 ringgit)
(Reporting by Niluksi Koswanage)