Friday, Aug 27, 2010
KUALA LUMPUR (Dow Jones)--Malaysia's MMC Corp. (2194.KU) said Friday its unit Pelabuhan Tanjung Pelepas Sdn. Bhd., or PTP, is planning a MYR1.5 billion ($477.7 million) Islamic Medium Term Note program to help fund expansion.
The Malaysian construction conglomerate said in a stock exchange filing that its 70%-owned port-operator unit PTP plans to issue Islamic notes with a tenor of 10 years, and the first issuance under the program is expected to be made in September.
"The proceeds from the issuance of the (program) will be utilized to finance the capital expenditure in relation to the development of Phase 2 of the Port of Tanjung Pelepas and for PTP's working capital requirements," MMC Corp said.
- By K.P. Lee ; Dow Jones Newswires; (603) 2026 1233; kwan-por.lee@dowjones.com
(END) Dow Jones Newswires
27-08-10 1038GMT
