Published: 2009/02/27
KHAZANAH Nasional Bhd, Malaysia’s sovereign wealth fund, hired three banks to help it borrow US$500 million that it will used to refinance maturing debt, according to three people familiar with the plan.
Bank of Tokyo-Mitsubishi UFJ Ltd, DBS Group Holdings Ltd and Oversea-Chinese Banking Corp will underwrite a three-year loan for Khazanah, said the people, who declined to be identified because the information isn’t public.Kuala Lumpur-based Khazanah will use the money to pay off a loan it got from Bank of Tokyo-Mitsubishi last year, they said.
Khazanah spokesman Mohd Asuki Abas declined to comment on the company’s finances.Khazanah owns controlling stakes in Malaysia’s biggest companies, including banking group Bumiputra-Commerce Holdings Bhd, utility Tenaga Nasional Bhd and Malaysian Airline System Bhd.
The value of its assets dropped 37 per cent to RM33.7 billion (US$9.1 billion) in the last seven months of 2008 as stock and bond prices slumped worldwide, Managing Director Azman Mokhtar said last month.
Syndicated loan sales in the Asia-Pacific region outside Japan fell 84 per cent to US$6.6 billion this year as lenders hoard cash to recover from more than US$1.1 trillion of writedowns and losses, data compiled by Bloomberg show. - Bloomberg
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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