Malaysia's Mudajaya to launch up to RM 1 billion of sukuk programs

By Marisa Wong

Madison, Wis., Nov. 15 - Mudajaya Group Bhd. announced that its wholly owned subsidiary, Mudajaya Corp. Bhd., will launch an Islamic commercial paper program and an Islamic medium-term notes program with a combined limit of up to RM 1 billion.

The company has mandated CIMB Investment Bank Bhd. as the lead arranger for the sukuk programs. CIMB and OCBC Al-Amin Bank Bhd. will be the joint lead managers.

RAM Ratings Services Bhd. assigned a short-term rating of P1 to the paper program and a long-term rating of AA3 to the notes program.

The company said the Securities Commission Malaysia approved the sukuk programs on Thursday.

Mudajaya is a property developer based in Petaling Jaya, Malaysia.

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