KUALA LUMPUR: Lion Industries Corp Bhd's Antara Steel Mills Sdn Bhd is proposing to undertake a RM300 million Islamic securities programme.
It said on Monday, Jan 24 the sukuk issuance would enable Antara to tap into the domestic capital market at competitive interest rates.
"Antara will have cash inflow of RM300 million of which RM130 million will be utilised to refinance the outstanding existing Islamic securities which were issued by Antara in year 2005.
"The balance, will be utilised, among others, to fund Antara's capital expenditure and the working capital requirements of Antara's plants in Johor and Labuan," it said.
Lion Industries said the proposed Islamic securities programme will be arranged by AmInvestment Bank Bhd for Antara and shall be placed to investors.
The tenor for the programme is seven years commencing from the date of issuance, with the repayment starting in the third year.
Antara Steel is a unit of Amsteel Mills Sdn Bhd, which is a 99% subsidiary of Lion Industries.
It said on Monday, Jan 24 the sukuk issuance would enable Antara to tap into the domestic capital market at competitive interest rates.
"Antara will have cash inflow of RM300 million of which RM130 million will be utilised to refinance the outstanding existing Islamic securities which were issued by Antara in year 2005.
"The balance, will be utilised, among others, to fund Antara's capital expenditure and the working capital requirements of Antara's plants in Johor and Labuan," it said.
Lion Industries said the proposed Islamic securities programme will be arranged by AmInvestment Bank Bhd for Antara and shall be placed to investors.
The tenor for the programme is seven years commencing from the date of issuance, with the repayment starting in the third year.
Antara Steel is a unit of Amsteel Mills Sdn Bhd, which is a 99% subsidiary of Lion Industries.
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