Strong demand for Khazanah's third exchangeable Sukuk
The $550 million bond issue, which is exchangeable into shares of Parkson Retail, was combined with a $96.8 million placement of shares in the same company.
Khazanah Nasional last night raised $646.8 million through a combined sale of Islamic bonds exchangeable into Parkson Retail Group, and secondary Parkson shares. If the five-year bonds with a three-year put are exchanged in full, the sale will result in Khazanah parting with its entire 9.8% stake in the Hong Kong-listed company, which is the largest nationwide department store operator in China.
The bonds made up about 85% of the combined sale, or $550 million, which translates into about 44...
To continue reading, please login or register for free