IslamicFinance.de

Khazanah Nasional Bhd is reportedly considering selling as much as US$1bil (RM3.26bil) of dollar-denominated exchangeable sukuk. The state-owned entity is currently choosing banks for the potential offer. The notes will be exchangeable into shares of companies controlled by Khazanah. A decision hasn’t yet been made on which equities will be included in this offering. Khazanah also owns 39% of telecommunications company Axiata Group Bhd, the biggest shareholder. It has about RM103.5bil of assets, including a stake in CIMB Group Holdings Bhd. Khazanah’s sukuk is part of a gradual move to make the Malaysian stock market more liquid. Demand for this exchangeable sukuk is expected to be well-received.