Eco World makes lodgement for MTN programme

PETALING JAYA: Eco World Development Group Bhd, via its wholly owned subsidiary Eco Botanic Sdn Bhd, has made a lodgement to establish a medium-term note (MTN) programme of up to RM250mil in nominal value.

The proceeds from the issuance of the MTN will be utilised by Eco Botanic to part-finance development costs.

These will include infrastructure cost, working capital requirements and the development rights consideration for its projects located at Eco Botanic, Iskandar Malaysia, as well as to defray fees and expenses in relation to the establishment of the MTN programme.

In a filing with Bursa Malaysia, Eco World said the MTN programme comprised unrated MTNs of up to RM100mil for a tenure of up to five years, as well as unrated MTNs of up to RM150mil with a tenure of up to seven years to be guaranteed by Danajamin Nasional Bhd.

“The MTN programme has a tenure of seven years from the date of the first issue of the MTNs.

“The tenure of each MTN to be issued under the MTN programme will be between one year and up to seven years, provided always that the relevant MTN matures on or prior to the expiry of the MTN programme,” it said.

It added that the first issuance of the MTNs would be made within 60 business days from the lodgement date.