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...

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