Malaysia's Sunway Velocity Mall sets up to RM 1 billion MTN program

By Marisa Wong

Madison, Wis., March 26 - Sunway Bhd. announced that subsidiary Sunway Velocity Mall Sdn. Bhd. received authorization from the Securities Commission Malaysia to establish an up to RM 1 billion medium-term note program.

Sunway Velocity Mall plans to issue notes in several tranches under the 15-year program, with the first tranche totaling RM 461 million.

Kenanga Investment Bank Bhd. is the lead arranger for the MTN program.

Proceeds from the first tranche will be used to finance development costs.

Sunway is a real estate investment trust based in Petaling Jaya, Selangor, Malaysia. The subsidiary operates the Sunway Velocity shopping mall in Kuala Lumpur.

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