Khazanah to offer sukuk exchangeable to IHH shares
KUALA LUMPUR: Khazanah Nasional Bhd plans to sell S$650 million (RM1.6 billion) of Islamic bonds exchangeable into IHH Healthcare Bhd shares next week, said three people with knowledge of the matter.
The sovereign wealth fund has an option to raise the offer by S$100 million, said the people.
Khazanah is the biggest shareholder with a 45.2 per cent stake in IHH, which is listed on both the Malaysian and Singapore stock exchanges.
IHH shares were at S$1.63 in Singapore, up 21 per cent this year. In Malaysia, they were traded at RM4.20, 25 per cent higher than on December 31.
The issuance will be the fifth convertible sukuk from the company since a debut offering in 2006. It last raised US$358 million (RM1.1 billion) from seven-year Islamic debt exchangeable into shares of Hong Kong-listed Parkson Retail Group Ltd in March last year.
The fund issued the world's first syariah-compliant notes denominated in China's yuan in Hong Kong in 2011 and sold S$1.5 billion of five- and 10-year sukuk in Singapore in August 2010. Bloomberg
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