Friday 29 Mar 2024
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KUALA LUMPUR (Nov 13): Axiata Group Bhd is issuing a US$500m (RM2.183 billion) Islamic bond, which forms the second portion of the mobile telecommunication network provider's multi-currency US$1.5 billion sukuk scheme.

In a statement to Bursa Malaysia today, Axiata said the five-year US$500m sukuk carried an annual profit rate of 3.466%.
 
"The book-building process for the second series was completed intra-day on 12 November 2015," Axiata said.

The company said the sukuk was expected to be listed on Bursa Malaysia and the Singapore bourse.
 
In a separate statement, Axiata president and group chief executive officer Datuk Seri Jamaludin Ibrahim said the sukuk had attracted interest from Islamic and conventional institutional investors.

Jamaludin said the list included asset management and insurance firms, besides sovereign wealth funds.

"Similar to the first series of RMB sukuk issued in 2012 under the sukuk programme, we are pleased that the response for this sukuk issuance was positive. Despite the challenging business environment and volatility in the marketplace today, the strong participation from international investors is a testament to our solid fundamentals.

"Axiata is focused on our long-term strategy to be a regional champion, and will continue to look towards opportunities in the capital markets to strengthen our capital base and support our aspirations," he said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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