Published: 2009/05/29
PLUS Expressways Bhd, Malaysia’s biggest toll road operator, sold RM600 million (US$171 million) of Islamic bonds to repay maturing debt. The Kuala Lumpur-based company sold so-called Musharakah sukuk due May 2023 with help from CIMB Investment Bank Bhd, according to data compiled by Bloomberg.
The zero-coupon bonds were priced to yield 6 per cent, according to a person with direct knowledge of the deal, who asked not to be identified as they’re not authorised to speak on the matter. A Musharakah is a type of trust certificate based on a profit-sharing contract that complies with syariah law’s ban on interest and speculation. -- Bloomberg