Malaysia's Boustead unit plans RM 900 million senior, guaranteed bonds

By Marisa Wong

Madison, Wis., July 9 - Boustead Holdings Bhd.'s wholly owned subsidiary, Mecuro Properties Sdn. Bhd., plans to issue up to RM 900 million of bonds, according to an announcement by Affin Investment Bank Bhd.

Mecuro is proposing to issue seven different classes of bonds - four classes of senior bonds and three classes of guaranteed bonds.

RAM Rating Services Bhd. has assigned preliminary ratings of AAA, AA2 and A1 to the senior bonds and preliminary ratings of AAA(fg) and AA2(bg) to the guaranteed bonds.

The Securities Commission of Malaysia approved the proposed issuance on June 22.

The announcement noted that the actual issuance will take place at a later date.

Kuala Lumpur, Malaysia-based Boustead has operations in the plantation, heavy industries, property, finance and investment, pharmaceutical and manufacturing and trading sectors.

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