Tuesday, November 22, 2011

MMC unit's RM300m debt raising plan for airport

KUALA LUMPUR (Nov 22): MMC CORPORATION BHD []'s unit Senai Airport Terminal Services Sdn Bhd (SATSSB) has undertaken a RM300 million Islamic medium term notes programme, with most of the funds to be used for the Senai Airport in Johor.

MMC said on Tuesday SATSSB had established the debt note programme which would have a tenure of 13 years from the date of first issuance. The first issuance of the debt notes was expected to be made by end November.

'The proceeds from the issuance of the IMTN programme will be utilised to finance, among others, the expenditure in relation to the development of Sultan Ismail International Airport, Johor Bahru (Senai Airport) and several contiguous pieces of freehold land situated at the southern fringe of the''Senai Airport measuring approximately 2,718.68 acres into a cargo and logistics hub, high-tech industries park and mixed development known as Senai Airport City as well as for SATSSB's working capital requirements,' it said.

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