Malaysia’s KNM to offer $80 million Thai baht-denominated bonds

By Marisa Wong

Morgantown, W.Va., Sept. 26 – KNM Group Bhd. is proposing to issue up to $80 million equivalent of Thai baht-denominated bonds, according to a Bursa Malaysia announcement.

The fixed-rate bonds will be guaranteed by Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank.

The bonds are expected to be issued by December.

Proceeds will be used to finance future expansion and working capital expenses for Impress Ethanol Co. Ltd.’s bio-ethanol plants. KNM Renewable Energy Sdn. Bhd. acquired Asia Bio-Fuels Ltd. and Asia Biofuels II Ltd. in May. Asia Biofuels owns a 72% equity interest in Impress Ethanol.

TRIS Rating Co., Ltd. has assigned a credit rating of AAA to the proposed bonds.

KNM is an oil and gas company based in Seri Kembangan, Selangor, Malaysia.

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