Malaysia's WCT gets approval for RM 600 million of fixed-rate bonds

By Jennifer Chiou

New York, Oct. 26 - WCT Bhd. announced that it obtained approval from the Securities Commission for its previously announced offering of RM 600 million of serial fixed-rate bonds with up to 193,736,279 detachable warrants.

The company announced plans for the bought-deal offering on July 28.

As already reported, of the bonds, RM 300 million will mature in three years, with the remainder maturing in five years. The coupon will be determined at a later date.

The bonds will be sold in denominations of RM 1 million.

Proceeds will be used to repay debt and for working capital and general funding requirements.

According to a company release, RHB Investment Bank Bhd. and AmInvestment Bank Bhd. submitted on behalf of WCT a listing application to Bursa Malaysia Securities Bhd.

The issuer is an engineering services company based in Shah Alam, Malaysia.

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