Malaysia's E & O Property to issue RM 350 million under CP/MTN program

By Reshmi Basu

New York, Oct. 2 - E & O Property Development Bhd. (EOPD) said its subsidiary, E & O Property (Penang) Sdn. Bhd. (EOPP), received approval from the Malaysian Securities Commission on its proposal to issue up to RM 350 million under its bank guaranteed commercial paper and medium-term note program.

The issuance of commercial papers will amount up to RM 80 million while the offering of medium-term notes will total up to RM 270 million.

The deal is intended to reduce the issuer's borrowing costs by using cheaper source of funding from the private debt securities market, according to a statement filed by one of the program's arrangers, Aseambankers Malaysia Bhd.

Affin Bank Bhd. is also a co-arranger.

Kuala Lumpur, Malaysia-based EOPD is primarily involved in construction and property development and investment.

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