Malaysia's Lingui to launch domestic bond

Malaysian timber company Lingui Development will tap the debt market in April with a M$300 million offering.

Rob Davies

March 19, 2001

Malaysia's Lingui Development Berhard, who's activities include timber, oil palm and cocoa plantations, has announced that it is to launch a M$300 million ($78.9 million) domestic bond in April following approval from the Securities Commission. Aseambankers has won the mandate to arrange the deal, with HSBC brought in as lead manager.

The company says proceeds from the transaction will go towards refinancing M$289 million of bank loans, with the remainder used to finance working capital. Lingui also says that it has opted to go domestic rather than international because it wants to avoid foreign currency exposure.

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