Malaysia's Eden subsidiary plans RM 120 million program

By Susanna Moon

Chicago, Feb. 5 - Eden Inc. Bhd. said its subsidiary, Stratavest Sdn. Bhd., received approval from the Securities Commission for its proposed RM 120 million sukuk ijarah program.

The program will run for 10½ years from the date of first issue and will be issued in two tranches. The first tranche will be issued within six months of the date of regulatory approval. The second tranche will be issued within six months of the first tranche.

Proceeds will be used to redeem Stratavest's ABBA bond and for working capital.

Hong Leong Islamic Bank Bhd. is lead agent.

Eden, formerly known as Eden Enterprises (M) Bhd., is an investment holding company based in Selangor, Malaysia.

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