Malaysia's Star Publications plans RM350 million medium-term note program

By Reshmi Basu

New York, Aug. 12 - Star Publications (Malaysia) Bhd said it plans to start a RM 350 million commercial paper and medium-term notes program.

Securities will be issued with maturities up to seven years.

Proceeds will be used to finance capital expenditure of up to RM 250 million. The rest will be used for working capital.

The Petaling Jaya, Malaysia-based newspaper publishing company said it had embarked on the program "in order to tap the ringgit capital market and to benefit from the lower cost of funding available therein," according to a news statement.

Citibank Bhd is the agent for the program.

The company has applied for regulatory approval from the Malaysian Securities Commission.

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