| Bank Islam To Be First Islamic Bank As IPO Adviser |
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KUALA LUMPUR, Jan 6 (Bernama) -- Bank Islam Malaysia Bhd is going to be the first Islamic bank to be appointed as adviser for the initial public offerings (IPOs) of two local companies.
Its director of corporate investment banking, Mashitah Osman, said on Wednesday that the bank had been given the mandate to be adviser for the IPOs involving the companies in the manufacturing and services industries.
She said the bank would apply for approval from the Securities Commission between January and February this year.
Mashitah said Bank Islam had also been approached by another two companies to look into their IPO applications.
"We have also been approached by companies from China but we are very cautious and would like to concentrate on local companies first," she said after the signing of an ijarah agreement between Prolintas Expressway Sdn Bhd and a syndicate of financiers led by Bank Islam.
The agreement is to provide an Islamic financing facility of RM327 million to Prolintas, the concession company operating the Guthrie Corridor Expressway.
Bank Islam, which was appointed lead arranger last August, completed the syndication exercise with the participation of EONCap Islamic Bank Bhd (RM70 million), Kuwait Finance House (RM70 million) and Affin Islamic Bank Bhd (RM50 million).
Bank Islam's portion of the syndication is RM137 million.
Mashitah signed on behalf of the bank while Prolintas was represented by its group chief executive Zainudin A. Kadir.
The facility will be utilised by Prolintas to retire an existing facility that was obtained to finance its purchase of the Guthrie Corridor Expressway.
-- BERNAMA
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