China’s realty player Country Garden plans $340m sukuk bond issue in Malaysia
Chinese property developer Country Garden Holdings Company Ltd plans to issue up to MYR1.5 billion ($340 million) of medium-term sukuk, through its Malaysian subsidiary, to finance the latter’s present and future investments. The issuer, Country Garden Real Estate Sdn Bhd, plans to commence marketing of the first tranche of medium term notes (MTN) to qualified investors. The MTN will not be offered to the general public and will not be listed on any securities exchange, Country Garden said. The mode of issuance, size and coupon rate of the proposed issue will be determined prior to distribution, and is subject to market conditions and investors’ interest. CIMB Investment Bank Berhad was appointed as the lead arranger and lead manager.
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