MNRB plans RM150m Sukuk, secures RM200m credit
MNRB Holdings Bhd has planned the launch of a Sukuk Mudharabah programme worth up to RM150mil. At the same time, the company has secured a RM200mil revolving credit-i facility from Standard Chartered Saadiq Bhd. According to the reinsurer, RM120mil will be used for refinancing the short-term revolving credit facility maturing on December 10th 2012. The remaining money will flow into the group's general working capital. The Sukuk programme has a five-year tenure and will be issued without a prospectus via direct placement.