KUALA LUMPUR, Aug 15 (Reuters) - Malaysia’s Axis Real Investment Trust has issued 155 million ringgit ($47.33 million) worth of Islamic bonds, with proceeds used to refinance the company’s maturing debt, according to the RAM ratings agency.
The latest issuance is the second time Axis has gone to the sukuk market and comes under an existing 300 million ringgit ($91.60 million) programme.
The company, which mostly manages industrial and warehouse properties, first tapped the sukuk markets in July 2012, raising 110 million ringgit through a 15-year issuance.
Axis currently manages assets worth 1.5 billion ringgit and is considering the acquisition of up to 400 million ringgit worth of assets. ($1 = 3.2750 Malaysian ringgit) (Reporting By Al-Zaquan Amer Hamzah,; Editing by Niluksi Koswanage)