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Thursday, 3 January 2008

Malaysia TM, MAB finalise RM1.1b Islamic deal


KUALA LUMPUR: Telekom Malaysia Bhd (TM) has finalised its sale of commercial space for RM1 billion to Menara ABS Bhd (MAB) as part of a sale and leaseback agreement to be financed by a RM1.1 billion Islamic sukuk Ijarah issuance by the latter.

The company entered into a sale and purchase (S&P) agreement with MAB, a special purpose vehicle to implement asset securitisation programmes, yesterday as well as a separate Master ijarah Agreement with the latter.

Under the sale and purchase agreement, MAB will purchase Menara TM, Wisma TM Taman Desa and Cyberjaya Complex from TM for RM850 million. In a separate S&P and supplemental agreements, MAB will purchase Menara Celcom from TM for RM150 million.

The Master Ijarah agreemeent meanwhile, stipulates that upon the completion of the sale and purchase of the four properties, TM will continue to occupy the properties and be granted rights to lease them out, TM told Bursa Malaysia yesterday. The transactions are expected to complete by month-end. --(DE, 3 Jan 08)

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