Malaysia's Kumpulan Perangsang to issue RM 200 million in Islamic debt

By Reshmi Basu

New York, June 15 - Kumpulan Perangsang Selangor Bhd. (KPS), via its special purpose vehicle Viable Chip, plans to issue RM 200 million of Islamic securities in two tranches.

The tranches are divided into RM 50 million of bank guaranteed Bai' Biothaman Ajil Islamic debt securities and RM 150 million of Bali' Bothaman Ajil Islamic debt securities.

Of the RM 185.63 million expected to be netted in proceeds, RM 130 million will be used to help refinance KPS's borrowing from Bumiputra Commerce Bank Bhd., another RM 11 million will be used to pre-fund the finance service reserve account, RM 1.51 million will be used to pay estimated expenses connected to the issuance and the remaining amount will be used for working capital.

KPS is involved in property, hospitality and recreation business sectors.

The Malaysian Securities Commission approved the proposal on Tuesday.

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