23 July 2011
Malaysian highway operator Besraya is to issue a RM700m ($233m) Mudarabah Sukuk, according to local press reports.
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
