KUALA LUMPUR (Oct 9): Malaysia's Kesas Sdn Bhd, a toll concessionaire for a major highway in the state of Selangor, will raise up to 735 million ringgit ($227 million) with Islamic bonds to redeem some of its debt, fund capital expenditure and working capital, RAM Ratings said on Thursday.

Kesas is expected to seek government approval for the sukuk, which comes after it inked an agreement in July to revise toll rates and extend its concession.

The sukuk programme was rated AA2 or stable by RAM Ratings. (1 US dollar = 3.2410 Malaysian ringgit)