KUALA LUMPUR: Property company Mah Sing Group Bhd is setting up a RM1bil debt programme to acquire land, for working capital and to speed up its construction of projects which have good take-up rates.
It said on Monday it had signed agreement to establish an unrated senior perpetual securities programme of up to RM1bil.
CIMB Investment Bank Bhd is the sole principal adviser, sole lead arranger and sole lead manager for the programme.
The first issuance of RM650mil in nominal value, which was oversubscribed, is expected to be issued out of the programme by end-March 2017.
“The proceeds from the issuance will primarily be earmarked for landbanking and working capital, as well as accelerate construction for projects with good take-up in order to expedite the collection expected from final stage billings on delivery of vacant possession of properties in 2017,” it said.
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