Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 21): Quill Capital Trust (QCT) has received the approval from the Securities Commission for its commercial papers/medium term notes (CP/MTN) programmes, with a combined aggregate nominal value of up to RM450 million.

In an announcement today, Quill Capita Management Sdn Bhd, the management company of QCT, said the regulator had vide its letter dated Oct 20 this year, authorised the CP/MTN programmes.

The proceeds raised from the issuance of the Senior CP/MTN and the Junior CP/MTN are to enable QCT to part finance the acquisition of Malaysian Resources Corp Bhd’s Platinum Sentral, to finance its investment activities, and to refinance its existing or future borrowings, it said.

“The CP/MTN programmes shall be secured by a list of securities, a third party first ranking legal charge over a freehold land in Kuala Lumpur together with five blocks of four to seven storey commercial building consisting of office-cum retail space, a multi-purpose hall together with two levels of car park,” said QCT.

It is worth noting that QCT has proposed to issue senior commercial papers worth up to RM290 million and junior commercial papers worth up to RM450 million in nominal value, according to the same announcement.

The commercial papers would be issued by Murud Capital Sdn Bhd, which is a special purpose company wholly-owned and established by QCT to raise financing on behalf of QCT.

Hong Leong Investment Bank Bhd has been appointed as the principal adviser, lead arranger and lead manager for the CP/MTN programmes.

QCT dropped 1.71% to close at RM1.15 today, translating to a market capitalisation of RM448.65 million.

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