KUALA LUMPUR, Dec 21 (Reuters) - Malaysian industrial-to-automotive company UMW Holdings Bhd will sell up to 2 billion ringgit ($654.56 million) in Islamic bonds to cut debt and fund working capital, the company said in a filing to the stock exchange on Friday.
The company added it has received approval from Malaysia’s Securities Commission for the 15-year bond program.
Maybank Investment Bank Bhd and Standard Chartered Saadiq Bhd are advising UMW on the issuance.
UMW’s businesses range from automotive to oil and gas as well as manufacturing sectors. The company is expected to list its oil and gas unit in Malaysia next year. Malaysia’s state-owned fund management firm Permodalan Nasional Bhd holds a controlling stake in UMW.
($1 = 3.0555 Malaysian ringgit)
Reporting By Al-Zaquan Amer Hamzah; Editing by Siva Sithraputhran