Malaysia's first exchangeable

Multi-Purpose completes Malaysia''s first local currency exchangeable bond.

Malaysian conglomerate Multi-Purpose Holdings yesterday completed a RM300 million $79 million exchangeable bond. Despite the previous use of bonds with warrants, this was the first pure exchangeable to come out of the country.

The bond is exchangeable into shares in the country's largest number forecasting gambling company, Magnum. Before the deal, Multi-Purpose owned 32% of Magnum, and the deal represents 5.2% of Magnum's total shares.

The bonds have a five-year tenor and carry a coupon...

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