November 2, 2011 / 4:56 AM / in 6 years

Malaysia's DRB Hicom says to undertake 1.8 bln rgt sukuk prog

KUALA LUMPUR, Nov 2 (Reuters) - Malaysia’s DRB Hicom Bhd said in a filing to the stock exchange on Tuesday that it has proposed to establish a 1.8 billion ringgit ($576.9 million) Islamic sukuk programme with a tenure of up to 15 years.

DRB Hicom, a Malaysian automotive player, said it mandated Maybank Investment Bank Bhd as the principal adviser and arranger for the sukuk, which was assigned a preliminary rating of AA by the Malaysian Rating Corp Bhd.

Proceeds from the Islamic bond will be used to finance working capital requirements, project costs and to refinance borrowings, the company added. ($1 = 3.120 Malaysian Ringgits) (Reporting by Min Hun Fong; Editing by Niluksi Koswanage)

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