Lafarge Malayan Cement plans to sell up to RM 350 million CP, MTNs

By Susanna Moon

Chicago, March 26 - Lafarge Malayan Cement Bhd. said it plans to offer up to RM 350 million nominal value of Islamic commercial paper and Islamic medium-term notes under its Islamic securities program.

The company said it received approval from the Securities Commission for the program.

The tenor of the program will be seven years from the date of the facility agreement, and the first issue will be made within 24 months from the date of the commission's approval, according to a company press release.

Lafarge may issue commercial paper with a tenor from one to 12 months and medium-term notes with a tenor of between one year and seven years.

Proceeds will be used for working capital, including the redemption of financing.

AmInvestment Bank Berhad is the principal adviser, lead arranger, lead manager and facility agent for the Islamic securities program.

The Islamic securities will be issued under the Shariah principles of Murabahah.

The commercial paper will be issued at a discount to nominal value, and the notes will be issued at par or discount to the nominal value, to be determined prior to each issuance.

The Islamic securities will not be underwritten.

RAM Rating Services Bhd. assigned long-term and short-term ratings of AA2 and P1, respectively, to the Islamic securities program.

Lafarge Malayan Cement is a Kuala Lumpur, Malaysia-based investment holding company.

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