PLUS Expressways Bhd, Malaysia's largest toll-road operator, plans to sell RM1 billion of Islamic bonds to help repay maturing debt and finance expansion projects, reports Bloomberg. Bank Islam Malaysia Bhd. and CIMB Islamic Bank Bhd. will help sell the Shariah- compl iant bonds, known as sukuk, said PLUS managing director Noorizah Abd Hamid, adding that sukuk will have maturities of at least five years.
The company aims to raise RM350 million "in the coming months" to refinance a loan maturing in June and to borrow another RM200 million in the second half of the year to fund a road project in Indonesia, she told the newswire.
The report added that PLUS favors Islamic over conventional debt so it can remain in the Dow Jones Islamic Index of Shariah — compliant companies.
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