Published: August 1, 2012
Mumtalakat establishes US$1bn Malaysian programme to help pay off debts.
Mumtalakat, Bahrain’s sovereign wealth fund, is preparing to issue sukuk in Malaysia, a spokesman has told EMEA Finance.
The investment arm of the kingdom’s non-oil and gas assets has established a 20-year, MYR3bn (US$962.8mn) medium-term sukuk programme.
Mumtalakat is ready to tap Malaysia’s Islamic bond market after RAM Ratings Berhad gave the company an investment grade rating of AA2.
It has been reported that the proceeds of any issuance would be used to repay the company’s debts.
Meanwhile, Mumtalakat has named Tony Robinson as its chief financial officer. He has been promoted from investment manager and co-ordinator, a role he has held since April 2011.