Malaysia's Axiata secures $800 mln in sustainability Islamic financing from three banks

KUALA LUMPUR, May 11 (Reuters) - Malaysia’s Axiata Group Bhd has secured a total of $800 million in syndicated multi-currency Islamic financing facilities for its sustainability-linked initiatives, the company said in a statement on Monday.

The financing arrangement was led by OCBC Al-Amin Bank Bhd while a unit of Oversea-Chinese Banking Corporation Limited, Maybank Islamic Bank Bhd and MUFG Bank (Malaysia) Bhd were also financiers.

Axiata said the financing mechanism is first of such in the world, and serves to enhance its liquidity position while benefiting from optimal financing cost.

“Axiata will benefit from lower financing costs should it continue to exceed the stringent criteria the company has set for itself under the said framework,” the telecoms group said.

Reporting by Liz Lee; editing by Louise Heavens