KUALA LUMPUR (Nov 8): IOI Properties Group Bhd's (IOIPG) wholly-owned subsidiary Progressive View Pte Ltd has set up a S$2 billion euro medium-term note (EMTN) programme.

IOIPG said proceeds from the programme will be used for its capital expenditure, working capital and refinancing of existing borrowings.

In a bourse filing today, IOIPG said approval in-principle has been received from the Singapore Exchange Securities Trading Ltd to set up the programme and application will be made to the exchange for permission to deal in, and for quotation of, any notes that may be issued pursuant to the programme.

IOIPG had earlier obtained the approval from Bank Negara Malaysia to guarantee the notes issued pursuant to the programme.

"The notes may be issued at par or at a discount, or premium, to par. They may also be issued in US dollars or any other currency agreed between the relevant issuer, IOIPG, the relevant dealer(s), the issuing and paying agent and the relevant registrar," it added.

DBS Bank Ltd is the arranger and dealer for the EMTN programme.

IOIPG shares closed down 2 sen or 1.8% at RM1.09 today, with 184,5000 shares done, bringing a market capitalisation of RM6 billion.