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Tenaga plans US$3b global sukuk to fund overseas investments

Published Tue, Jan 5, 2016 · 09:50 PM
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Kuala Lumpur

MALAYSIA's biggest electricity company plans to breathe some life into the global Islamic bond market with a US$3 billion issuance programme after offerings slumped to a five-year low in 2015.

Tenaga Nasional Bhd is asking bankers to submit pitches for the planned sale, according to people familiar with the matter, and proceeds will be used to fund overseas investments including the purchase of a 30 per cent stake in Turkish power firm Gama Enerji AS for US$243 million. Offerings of global sukuk fell 28 per cent to US$34.8 billion last year, data compiled by Bloomberg show.

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