Malaysia's Kuala Lumpur Kepong cancels plans to issue exchangeables

By Marisa Wong

Madison, Wis., March 10 - Kuala Lumpur Kepong Bhd. has decided not to proceed with an issue of five-year guaranteed exchangeable bonds, according to an ECM Libra Investment Bank Bhd. announcement.

On April 28, 2010, the company had received an extension until April 2 to issue up to $300 million of the bonds.

The company said that based on its current financial condition, it no longer needs to issue the exchangeable bonds.

Malaysia-based KLK is a palm oil producer involved in plantation, manufacturing, retailing and property development.

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