When all else fails, try an Islamic bond

Elite, the subsidiary of Malaysia''s giant UEM, is readying a M$1.8 billion Islamic bond.

Recent attempts by United Engineers Malaysia UEM, the road and construction arm of Renong, to refinance itself and its parent have been problematic to say the least. To lower it and Renongs debts - recently estimated at M$22 billion $5.8 billion - UEM has gone cap in hand to banks, tried to entice investors on the equity markets, and even looked towards securitization, all without success.

The last doomed attempt to raise funds was set to be an IPO of between 25%-30% of the equity in UEM subsidiary PLUS - a road operator. It was expected that the deal, originally slated for November, would raise in the region of $1.3...

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