Malaysia's Naim redeems RM 150 million MTNs, cancels sukuk program

By Marisa Wong

Madison, Wis., April 1 - Naim Holdings Bhd. redeemed all of its RM 150 million outstanding Islamic medium-term notes 2016/2021 ahead of maturity on Monday, according to a Bursa Malaysia announcement.

The company also cancelled its Islamic securities program. The securities program consists of a RM 100 million Islamic commercial paper issuance program and a RM 500 million Islamic MTN issuance program, with the total nominal value of the securities not exceeding RM 500 million at any one time.

The early redemption and cancellation is intended to re-profile the company's borrowing to better suit its cash flow and to free the company from complying with what it views as overly restrictive debt covenants, giving it financial flexibility to pursue growth opportunities.

The investment holding company is based in Kuching, Sarawak, Malaysia. Its two main subsidiaries are Naim Land Sdn. Bhd. and Naim Engineering Sdn. Bhd., which are primarily engaged in property development and construction.

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