KUALA LUMPUR, Jan 22 (Reuters) - Taliworks Corp Bhd , a Malaysian water and waste management company, said on Tuesday its 55 percent subsidiary Cerah Sama Sdn Bhd received regulatory approval to sell 750 million ringgit ($247.16 million) worth of Islamic bonds.
The country's securities commission approved the bond issue by Cerah Sama, which owns and operates the concession for a 11-kilometer highway in the country's capital.
"Proceeds will be utilised to refinance existing medium-term notes, finance investments, working capital requirements and general corporate purposes," Taliworks said.
Maybank Investment Bank Bhd is the principle adviser, lead arranger, lead manager, security and facility agent for the programme. ($1 = 3.0345 Malaysian ringgits) (Reporting By Al-Zaquan Amer Hamzah. Editing by Jane Merriman)