Malaysia’s NCB Holdings announces RM 1.5 billion sukuk program

By Marisa Wong

Madison, Wis., July 11 – NCB Holdings Bhd. announced that the Securities Commission Malaysia has authorized it to issue Islamic commercial paper and Islamic medium-term notes under sukuk programs with a combined limit of RM 1.5 billion.

NCB may issue up to RM 500 million under the paper program and up to RM 1.5 billion under the MTN program.

The paper program will have a tenor of seven years, and the MTN program will have a tenor of 18 years.

The securities will be issued through wholly owned subsidiary Northport (Malaysia) Bhd.

Affin Investment Bank Bhd. and Maybank Investment Bank Bhd. are the joint lead arrangers and joint lead managers for the sukuk programs.

Proceeds will be used to finance Northport’s capital expenditure requirement, to refinance its existing bridge financing and for general working capital.

NCB is a holding company for providers of transport and logistics services. The company is based in Port Klang, Selangor, Malaysia.

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