EcoWorld unit issues RM250 mil five-year MTNs

KUALA LUMPUR (Aug 15): Eco World Development Group Bhd’s (EcoWorld) wholly-owned unit, Eco World Capital Assets Bhd (EWCA), has raised RM250 million via the issuance of unrated medium term notes (MTNs) with the said nominal value.

It said the proceeds raised would be used for EWCA’s general corporate purposes, and/or to refinance the group or its subsidiaries’ existing or future financing, and joint ventures.

The MTN has a five-year tenure, EcoWorld said in a filing with Bursa Malaysia, and is part of its 15-year RM500 million MTN programme.

Under the programme, each MTN to be issued would have a one- to 15-year tenure, provided that no MTNs mature after the expiry of the programme.

It said lodgement of the MTN programme has been made by EWCA with the Securities Commission Malaysia (SC), following SC’s guidelines on unlisted capital market products under the lodge and launch framework.

EcoWorld’s share price closed unchanged at RM1.55 yesterday, with a market capitalisation of RM4.6 billion.

This article first appeared in The Edge Financial Daily, on Aug 15, 2017.

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