Penang Port launches debut MTN programme

Penang Port has launched its first Ringitt MTN programme, bringing new sophistication to the local bond market.

A five-year, RM80 million $21 million commercial papermedium term note MTN programme for Penang Port has been successfully launched, said lead manager ABN Amro Bank.

Proceeds from the RM80 million programme will be used mainly to refinance all existing loans from the Employees Provident Fund EPF which was previously taken to fund Penang Port's infrastructure projects, the bank said in a statement Wednesday.

With 95% of Malaysia's international trade being handled by seaports, Penang Port, which was incorporated in 1993 and operates and manages port and ferry services, has focused on a supply-driven approach to port development.

The port's board member, Encik Mohamed Omar, said in the statement that Phase...

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