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KUALA LUMPUR (March 6): Mah Sing Group Bhd will issue up to RM1 billion worth of perpetual securities or bonds to finance the property developer's land acquisitions and working capital requirement.
Mah Sing told Bursa Malaysia today that it had entered into agreements to establish the unrated senior perpetual securities programme.
"The first issuance amounting to RM650 million in nominal value, which has been oversubscribed, is expected to be issued out of the perpetual securities programme by end-March 2017.
"The proceeds from the issuance will primarily be earmarked for landbanking and working capital, as well as accelerate construction for projects with good take-up in order to expedite the collection expected from final stage billings on delivery of vacant possession of properties in 2017. Further details on the proposed issuance will be announced upon finalisation and completion of the proposed issuance," said Mah Sing.
CIMB Investment Bank Bhd is the sole principal adviser besides lead arranger and manager for the programme.
At 12:30pm, Mah Sing shares settled unchanged at RM1.46 for a market value of RM3.54 billion. The company's latest reported net assets per share stood at RM1.36. — theedgemarkets.com
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