Dialog dials Islamic finance for Rs. 51 b

Friday, 2 November 2012 03:02 - - {{hitsCtrl.values.hits}}

Dialog Axiata yesterday announced that its Board of Directors proposed the establishment of a Malaysian Ringgit denominated Islamic Medium Term Note Program under the Shariah principle of Murabahah of up to MYR 1.2 billion in nominal value (approximately Rs.51 billion in current exchange rate), with a tenure of 15 years in Malaysia.

The proceeds will be utilised in compliance with Shariah principles for the purpose of refinancing existing debt and Sukuk issued under the Sukuk program, payment of fees and expenses in connection with the refinancing of the existing debt and the Sukuk Program, funding of investments, operational expenses, capital expenditure, working capital and other corporate funding purposes.

The proposed establishment of the Sukuk Program is subject to approval of the regulatory authorities in Sri Lanka and Malaysia and the completion of the proposed establishment of the Sukuk Program is subject to market conditions and investor interest.