Axiata Group Bhd has priced its inaugural issuance of a two-year one billion yuan sukuk issued via its wholly-owned Malaysian incorporated special-purpose vehicle (SPV), Axiata SPV2 Bhd. The sukuk is issued under Axiata's Multi-Currency Sukuk Programme with an aggregate nominal value of up to US$1.5bil or its equivalent in other currencies established on July 17. Airtime vouchers, representing entitlement to a specified number of airtime minutes on the mobile telecommunications network of subsidiaries of Axiata for on-net calls, will be utilised as the underlying asset under this sukuk issuance. The sukuk is the first yuan-denominated sukuk that utilises 100% airtime vouchers as underlying assets and may be listed on Bursa Malaysia (Exempt Regime) and Singapore Exchange Securities Trading Ltd. ' StarBiz

Tenaga Nasional Bhd (TNB), which depends heavily on regulated business, wants to nearly triple the revenue of its non-regulated business to RM5bil from RM1.8bil currently. Regulated business includes the sale of electricity to public and private users. The price of power is controlled by the government via fixed tariff rates, which cannot be raised without its approval. TNB's non-regulated business includes maintenance of power plants, equipment manufacturing, provision of cable services and other operational activities within the generation, transmission and distribution segments. TNB president and chief executive officer Datuk Azman Mohd said the non-regulated business can be carried out here as well as overseas where TNB may have presence in the future. ' Business Times

IJM Land Bhd is undertaking a property development via a joint venture with Amona Development Sdn Bhd in the Kerinchi/Pantai Dalam corridor here. Yesterday, its unit Murni Lapisan Sdn Bhd had inked a JV agreement with Amona to develop about 234,000 square metres of leasehold land. The joint venture shall be known as AmonaMurni Lapisan JV. Amona had on June 21, entered into a privatisation agreement with the landowner Datuk Bandar Kuala Lumpur to build residential and commercial units on the site. Under the JV, Amona and Murni Lapisan would make available funds in proportion to the profit sharing ratio of 60:40 to pay for all costs of the project. Murni Lapisan's portion of development costs will be funded through mixture of internally generated funds and/or bank borrowings.  - StarBiz 

Source: AmeSecurities