Bursa Malaysia opens higher

 Publish date: Tue, 9 Jul 2019, 10:06 AM

DP World Plc mandated banks to raise about $1 billion of bonds to finance the acquisition of Topaz Energy & Marine Plc, according to three people with knowledge of the plans.
The world’s largest port operator hired Citigroup Inc., Dubai Islamic Bank PJSC and Standard Chartered Plc to arrange investor meetings in Hong Kong, Singapore and London from July 10, according to a document sent to investors and seen by Bloomberg.
The Dubai-based firm plans to sell benchmark 10-year Islamic bonds and is also considering long-dated conventional bonds, the document shows. Barclays Plc, Deutsche Bank AG, Emirates NBD Capital, First Abu Dhabi Bank PJSC and HSBC Holdings Plc have also been hired as joint lead managers and bookrunners.
DP World last week said it would buy Topaz from Oman’s Renaissance Services SAOG and Standard Chartered Plc’s private equity unit for $1.1 billion, marking its first venture into the oil and gas sector. The acquisition is likely to close this year.
A spokesman at DP World declined to comment.
The ports company has been on a shopping spree over the past 18 months, buying P&O Ferries and P&O Ferrymasters in Europe and Puertos y Logistica in Chile. It also purchased an additional stake in DP World Australia and invested through its joint ventures in Canada and India.
DP World is rated Baa1, the the third-lowest investment grade, by Moody’s Investors Service and BBB+ by Fitch Ratings Inc.
 - Bloomberg


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