Jul 23 2011

Besraya rolls out $230m Sukuk

By Emmy Abdul Alim Malaysian highway operator Besraya is to issue a RM700m ($233m) Mudarabah Sukuk, according to local press reports.

The Sukuk will be used to part-finance the development, design and construction of the 12.3km Besraya Eastern Extension as well as other project-related expenses and working capital requirements.

The company was awarded the extension project as a form of compensation from the government following toll plaza closures at Salak Jaya (pictured) and Sungei Besi Highway in February 2009. RAM Ratings assigned a long-term AA3 rating to Besraya.

© The Islamic Globe 2011

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