Gas Malaysia Distribution Establishes MYR 1 Billion Islamic Medium-Term Notes and Commercial Paper Programmes

Gas Malaysia’s wholly-owned subsidiary Gas Malaysia Distribution (GMD) has established Islamic Medium-Term Notes (IMTN) and Islamic Commercial Paper (ICP) programmes, according to local media reports.

In a filing with Bursa Malaysia, the company stated that both IMTN and ICP programmes will have a nominal value of MYR 1 billion each, with a combined issuance limit of up to MYR 1 billion under the Shariah principle of Murabahah. The IMTN will have a tenor of 15 years, while the ICP will have a seven-year tenor from the date of first issuance. According to local media, both IMTN and ICP programmes are unsecured and will not be listed on any stock exchange.

GMD will use the proc...