Malaysia's MNRB sets up RM 150 million sukuk program to repay debt

By Marisa Wong

Madison, Wis., Oct. 15 - Malaysia's MNRB Holdings Bhd. said it has established an up to RM 150 million Islamic medium-term note program.

The five-year program was approved by the Securities Commission Malaysia on Oct. 9.

The company said it plans to use RM 120 million of sukuk proceeds toward refinancing its revolving credit facility, expected to be completed by Dec. 10. Remaining proceeds will be used for general working capital.

MNRB, formerly Malaysian National Reinsurance Bhd., is a Kuala Lumpur-based investment holding company for general reinsurance and specialized insurance companies.

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