Ecoworld to issue bonds up to RM250m

PETALING JAYA: Eco World Development Group Bhd will issue bonds of up to RM250 million to raise proceeds for Eco Botanica Sdn Bhd’s project in Iskandar Malaysia.
The issue will be used to partly finance development costs which include infrastructure, working capital requirements and development rights consideration.
In a filing with Bursa Malaysia today, the group said the medium-term note (MTN) programme comprises unrated MTNs of up to RM100 million with a tenure of up to five years, and unrated MTNs of up to RM150 million with a tenure of up to seven years, to be guaranteed by Danajamin Nasional Bhd.
The first issuance of MTNs will be made within 60 business days.
MIDF Amanah Investment Bank Bhd has been appointed as the principal adviser, lead arranger and lead manager for the MTN programme.
Eco World’s share price rose 0.78% or 1 sen to close at RM1.30 today with a total of 1.72 million shares traded.