Malaysia's BIMB Holdings plans up to RM 2.2 billion 10-year sukuk

By Marisa Wong

Madison, Wis., Sept. 18 - BIMB Holdings Bhd. said it plans to issue up to RM 2.2 billion of 10-year Islamic securities.

The proposed sukuk issue was first announced in August along with a proposed acquisition of the remaining 49% issued and paid-up share capital of Bank Islam Malaysia Bhd. and a renounceable rights issue that was approved by Bursa Malaysia Securities Bhd. on Wednesday.

Also on Wednesday, BIMB's board of directors decided that it will not pledge Bank Islam's shares as security for the upcoming sukuk.

The investment holding company is based in Kuala Lumpur.

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