KUALA LUMPUR, July 19 Malaysian telco Axiata
Group said on Thursday it won regulatory approval for
its proposed issuance of up to $1.5 billion worth of Islamic
bonds to fund general corporate needs.
Axiata said the fund raising, which comes in the form of
non-fixed tenure multi-currency sukuk programme, allows airtime
vouchers on Axiata's mobile telecommunications network to be
included as a trust asset.
"Whilst Axiata has no immediate funding requirements, having
the programme in place will enable the group to remain nimble
and able to move quickly in the event of any changes and demands
of the marketplace," Axiata's Group Chief Financial Officer
James Maclaurin said in a statement.
The sukuk programme has been assigned a rating of BBB- by
Standard & Poor's. Moody's Investors published the issuer rating
for Axiata at Baa2.
CIMB and HSBC have been appointed as the joint
principal advisers, arrangers and dealers for the sukuk
programme. Merrill Lynch also acted as arranger and dealer.
The counter ended the day 0.17 percent lower at 5.99 ringgit
per share, underperforming the broader index's 0.02
(Reporting By Yantoultra Ngui; Editing By Niluksi Koswanage)