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Malaysia's Axiata issues US$500m sukuk for Ncell acquisition

Wednesday, March 16, 2016 - 09:43

[KUALA LUMPUR] Axiata Group Bhd, Malaysia's largest mobile operator by market value, said on Wednesday that it has successfully priced a 10-year US$500 million sukuk, or Islamic bond.

Funds from the sukuk would be used for the proposed acquisition of Nepalese phone carrier Ncell Pvt Ltd, the company said in its statement.

The sukuk issuance is the third under Axiata's US$1.5 billion multi-currency Sukuk issuance programme that was set up in 2012.

The sukuk was priced at a yield of 4.357 per cent with a final book of over US$900 million orders.

sentifi.com

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"Charting a new benchmark, we have taken this opportunity to build Axiata's curve with a 10-year issuance maturing in 2026, in line with our long-term strategy and growth plans," said Axiata's President & Group Chief Executive Officer, Jamaludin Ibrahim.

"Axiata will continue to look towards opportunities in the capital markets to strengthen our capital base."

CIMB, Deutsche Bank and HSBC are joint bookrunners.

REUTERS

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