Malaysia's Mah Sing plans RM 325 million seven-year convertible bonds to yield 3.5%, up 15%

By Rebecca Melvin

New York, Sept. 9 - Mah Sing Group Bhd. plans to issue up to RM 325 million of seven-year convertible secured bonds on a bought-deal basis.

The bonds were talked to yield 3.5% with an initial conversion premium of 15% over a five-day volume-weighted average price of the company's shares, according to a news release Thursday.

The issue price will be determined at issuance, which is subject to relevant approvals and expected to be completed by the first half of 2011.

Hang Leong Investment Bank is the lead arranger for the proposed bonds.

Mah Sing also plans to increase its authorized share capital to RM 1 billion of shares from RM 500 million.

The bonds can be put after five years. They will not be listed on any stock exchange.

Proceeds will be used for land acquisitions, for working capital and to defray costs associated with the issue.

Mah Sing is a Kuala Lumpur-based real estate developer and plastic products company.

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