KUALA LUMPUR Dec 3 The property developer arm
of Malaysia's sovereign fund Khazanah Nasional Bhd
will issue Islamic bonds worth up to 2 billion ringgit ($657.95
million) to fund working capital, repay debts and redeem its
convertible preference shares.
The Islamic bonds are UEM Land Holdings Bhd's
first debt issue, and could go towards the development of its
projects in Nusajaya, a new economic district to the south of
the capital, Kuala Lumpur.
The Malaysian Rating Agency Corporation Bhd (MARC) issued a
preliminary rating of 'stable' due to UEM Land's status as a
UEM Land had 1.9 billion ringgit in unbilled sales as of
September. It has teamed with Singapore-based Ascendas to
develop the 3.7-billion-ringgit industrial park in Nusajaya.
($1 = 3.0397 Malaysian ringgits)
(Reporting by Al-Zaquan Amer Hamzah; Editing by Louise Heavens)