Malaysia's Sunrise plans to issue RM 150 million in Islamic securities

By Reshmi Basu

New York, July 15 - Sunrise Bhd said it plans to issue up to RM150 million of Islamic securities under the company's commercial paper and medium-term note program.

Proceeds from the sale will be used for capital expenditure requirements and for working capital purposes.

CIMB has been mandated as the lead manager and arranger.

An application for approval from Malaysia's Securities Commission will be submitted on July 19, the company said.

The securities will be issued under the Islamic financing concept of Murabahah.

Sunrise, based in Kuala Lumpur, is a property developer.

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