Malaysia Steel Works (KL) Bhd (Masteel) plans to raise RM130 million via the issuance of sukuk for refinancing, capital expenditure and working capital requirements.
In a filing with Bursa Malaysia yesterday, Masteel said it has lodged with the Securities Commission Malaysia for the proposed establishment of the sukuk programme.
“The tenure of the sukuk is up to seven years from the date of first issuance. The first issuance of the sukuk is expected to be for a period of up to five years,” it added.
Masteel shares closed up 0.5 sen or 1% at 50.5 sen yesterday, with a market capitalisation of RM215.06 million.
Source The Edge Markets