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Titijaya Establishes RM150 Mln ICP Programme


Last update: 10/11/2017

KUALA LUMPUR, Nov 10 (Bernama) -- Titijaya Land Bhd (TLB) has established an Islamic Commercial Papers (ICP) programme of up to RM150 million in nominal value and made its first issuance of RM20 million under the programme.

TLB said the ICP would have a tenure of up to seven years from the first issuance and was issued under the Shariah principle of Mudharabah.

"The proceeds from the issuance will be utilised to repay future borrowings, finance investments, working capital requirements and other general corporate purposes of the company, its direct and indirect subsidiaries, including jointly-controlled entities and associate companies," TLB said in a filing to Bursa Malaysia today.

The Malaysian Rating Corporation Bhd has assigned a final short-term rating of MARC-1IS to the ICP programme, it said.

-- BERNAMA

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