Malaysia's Setia EcoHill gets OK for RM 505 million paper/MTN program

By Marisa Wong

Madison, Wis., April 10 - S P Setia Bhd. said the Securities Commission Malaysia approved wholly owned subsidiary Setia EcoHill Sdn. Bhd.'s proposed commercial paper/medium-term note program on Monday.

As previously announced, the subsidiary plans to issue up to RM 305 million of medium-term notes in one tranche and up to RM 200 million of commercial paper and/or medium-term notes in a second tranche.

The notes will have a maturity of seven years.

The securities will be guaranteed by the parent company.

Proceeds will be used to finance the purchase of land located in Rinching, Semenyih, Selangor, to repay bank borrowings and for working capital requirements.

S P Setia is a property development company based in Shah Alam, Malaysia.

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