Malaysia's Asian Pac Holdings may sell RM 200 million five-year notes

By Susanna Moon

Chicago, June 14 - Asian Pac Holdings Bhd. said it is planning to issue RM 200 million nominal value of up to five-year guaranteed commercial paper or medium-term notes to be guaranteed by Danajamin Nasional Bhd.

The notes will be issued by 100% owned subsidiary Syarikat Kapasi SDN Bhd.

Proceeds will be used to help finance the proposed development on the leasehold land of about 15.45 acres, which is expiring on Dec. 31, 2076, held under TL017533505 in the district of Kota Kinabalu.

The proposed development comprises a retail mall of at least 673,797 square feet plus 2,400 car park bays and at least 41 units exterior shop lots, which, together with five blocks of serviced apartments of at least 498 units plus about 800 car park bays, will make up the Kota Kinablau Times Square 2 project.

The deal requires approval from the Securities Commission.

Affin Investment Bank Bhd. is the principal adviser and lead arranger for the proposed program.

Asian Pac is principally engaged in the holding of securities for investment purposes, the provision of management services and trading of building materials. The company is based in Kuala Lumpur, Malaysia.

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