IFR Asia – April 28, 2018

Around 20% of the IPO funds will be
used for working capital purposes, 43%
for land acquisition and the remainder for
acquisitions and setting up joint venture
companies.
The company made net sales of Rp1.52trn
in 2017 versus Rp2.05trn in 2016, and net
income of Rp173bn versus Rp324bn.
BNI , Danareksa and Danatama are the
underwriters.

MALAYSIA

DEBT CAPITAL MARKETS

› WCT ISSUES SUKUK AT 5.65%

WCT HOLDINGS has sold M$310m (US$80.6m)
eight-year Islamic bonds, priced at 5.65%.
The sukuk, rated AA (Marc), settled on
April 20.
RHB Investment Bank was sole lead
manager on the print.
The Malaysian construction and
engineering company has an outstanding
M$150m 4.8% bond maturing on December
28.

› UITM PLACES GREEN SUKUK

UITM SOLAR POWER has privately placed

M$222.3m of Green SRI Islamic bonds in 17

tranches through sole lead manager Affin

Hwang Investment Bank.

The notes, with a guarantee from

Universiti Teknologi MARA, were offered at

tenors of two to 18 years, paying yields of

5.07%–6.60%.

Proceeds will be used to develop a

50MW greenfield solar power plant in

Pahang at an estimated cost of M$277.9m.

The equity injections, which cover 20% of

the project costs, involve ordinary shares

and redeemable cumulative convertible

preference shares.

The plant, scheduled for completion in

the fourth quarter of 2018, is said to be the

world’s largest solar photovoltaic plant for

a public university.

Affin Hwang is also principal adviser on

the issue, which Marc rates AA–.

UiTM Solar, a unit of UiTM Energy &

Facilities, won a concession from state-

owned Energy Commission in early 2017

to build and operate the power plant.

Electricity will be sold to Tenaga Nasional

under a 21-year agreement.

UiTM Energy is ultimately part of

Universiti Teknologi MARA, which comes

under the jurisdiction of the Ministry of

Higher Education.

MONGOLIA

DEBT CAPITAL MARKETS

› MONGOLYN ALT PUTS BOND ON HOLD

Coal miner MONGOLYN ALT (MAK) has put

a US dollar five-year non-call two bond

offering on hold, after bookbuilding since

April 17.

The benchmark issue was indicated at

initial price guidance of 12% area.

The proposed bonds are expected to be

rated CCC+ (Fitch). They carry guarantees

from certain MAK subsidiaries and

are backed against an interest reserve

account.

Additional collateral in the form of mine

licences and a cash waterfall account will

be pledged later. The coupon on the bonds

will step up by 300bp if this is not done

within 270 days.

JP Morgan is sole global coordinator and

bookrunner on the 144A/Reg S offering.

S034334/5-16

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