Malaysia's Kuala Lumpur Kepong plans $319 mln Islamic bonds issuance

KUALA LUMPUR Wed Aug 1, 2012 4:16pm IST

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KUALA LUMPUR Aug 1 (Reuters) - Malaysian plantation firm Kuala Lumpur Kepong Bhd (KLK) said on Wednesday it plans to sell up to 1 billion Malaysian ringgit ($319.5 million) worth of Islamic bonds.

The company said it obtained on Tuesday the regulatory approval for the fund-raising exercise, which comes in the form of multi-currency Islamic medium-term notes.

The programme has been assigned a preliminary long-term rating of 'AA1' or 'stable' outlook by RAM Rating Services Bhd, KLK added.

CIMB Investment Bank Bhd and Maybank Investment Bank Bhd are the joint principal advisers, joint lead arrangers and joint lead managers for the programme, according to KLK. ($1 = 3.1295 Malaysian ringgit) (Reporting By Yantoultra Ngui; editing by Stuart Grudgings)