August 19, 2014 / 9:35 AM / 3 years ago

Malaysia's DanaInfra raises $31 mln with third retail sukuk

KUALA LUMPUR, Aug 19 (Reuters) - DanaInfra Nasional Bhd, a company created by Malaysia’s finance ministry to raise funds for the country’s most extensive infrastructure project, said on Tuesday it has raised 100 million ringgit ($31.68 million) with Islamic bonds.

The company received 400 applications worth 3.95 million ringgit from retail investors and four applications worth 100 million ringgit from placement agents, it said in a statement. The participating banks were AmBank, CIMB, Maybank and RHB Capital Bhd.

Proceeds of the sale will be spent on extending the capital city’s Mass Rapid Transit (MRT) rail network to suburban Kuala Lumpur and the broader Klang Valley, where the government expects the population to reach 10 million by 2020 from the current 6 million.

DanaInfra last raised 2.5 billion ringgit with three sukuk issues in July. The finance ministry has authorized DanaInfra to raise a total of 8 billion ringgit by selling sukuk.

$1 = 3.1570 Malaysian ringgit Reporting By Al-Zaquan Amer Hamzah; Editing by Matt Driskill

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