By Chester Tay
Tenaga Nasional Bhd. plans to issue Islamic-compliant debt totaling up to 12 billion ringgit ($2.80 billion) to finance future expenses.
The issuance comprises an Islamic medium-term note program of up to MYR10 billion and an Islamic commercial-paper program of up to MYR2 billion, the Malaysian utility giant said late Tuesday.
The note program will have tenure of up to 50 years, while the commercial-paper program will have tenure of up to seven years.
Proceeds from the issuance will go toward capital expenditure, investment, general corporate purposes, working capital requirements and refinancing any existing financing facilities.
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