Malaysian telecoms holding Binariang GSM is working on issuing Islamic bonds (sukuk) to pull in MR6bn (US$1.86bn) to cover business costs, according to multiple reports.
CIMB Investment Bank is named as the arranger for the planned deal, whose issuance…
Malaysian telecoms holding Binariang GSM is working on issuing Islamic bonds (sukuk) to pull in MR6bn (US$1.86bn) to cover business costs, according to multiple reports.
CIMB Investment Bank is named as the arranger for the planned deal, whose issuance could be decided within weeks.
The Kuala Lumpur-based company is backed by Malaysian tycoon Ananda Krishnan and controls India’s Aircel and local telco Maxis Communications.
Binariang GSM could not be reached for comment before the press deadline.
In December 2007, the company tapped the debt market for the refinancing of a MR20bn (US$6.1bn) bridge loan used for the buyout of Maxis. As part of this refi, it secured MR12.05bn in medium term notes, the largest ever local currency corporate bond in emerging Asia at the time.
