Wednesday, August 3, 2011

CCM gets SC nod for RM120m debt notes

KUALA LUMPUR: The CHEMICAL COMPANY OF MALAYSIA [] Bhd (CCM) has received the Securities Commission's approval to issue up to RM120 million in Islamic debt notes.

CCM said on Wednesday, Aug 3 it had appointed MIDF Amanah Investment Bank Bhd to act as principal adviser and lead arranger for the proposed issuance of Sukuk Musyarakah of up to RM120 million in nominal value.

'The proceeds of the proposed sukuk issuance shall be utilised to refinance wholly CCM's existing bridging facility of RM120.0 million with MIDF Investment.

'The purpose of the bridging facility is to partly finance up to RM120.0 million of CCM's upcoming RM150.0 million sinking fund account commitment in respect of its existing RM500 million Musyarakah commercial papers/medium term notes programme,' it said.

CCM said the SC's approval and consent from existing lenders and current sukukholders of its existing RM500 million Musyarakah CP/MTN programme which was issued in 2008 have been obtained.

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