Malaysia's KNM may sell RM 1.5 billion of notes under program

By Susanna Moon

Chicago, Oct. 22 - KNM Group Bhd. said it received approval from the Securities Commission for sukuk programs of up to RM 1.5 billion comprising an Islamic commercial paper program of up to RM 400 million and Islamic medium-term note program of up to RM 1.1 billion.

The CP program will have a tenure of up to seven years, and the MTN program will have a tenure of up to 15 years from the first issuance under the programs.

Proceeds will be used to refinance bank loans, redemption of KNM Capital Sdn. Bhd.'s outstanding notes issued under its Islamic commercial papers and medium-term note program of up to RM 300 million established in 2006 and for working capital and general corporate purposes.

Kuala Lumpur-based KNM Capital is KNM's financial hub for the centralizing of all funding.

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