Malaysia’s Aeon Co sets up $260mn Islamic debt plan

Reuters

Mall operator Aeon Co Malaysia has established twin debt facilities to raise up to 1 billion ringgit ($260 million) in Islamic securities, according to a regulatory filing by credit rating agency RAM
Ratings.
The issuance plan from Aeon, 51 percent owned by Japan’s largest retailer Aeon Co Ltd, includes 15-year Islamic medium-term
notes and 7-year Islamic commercial papers.
RAM rated the programmes AA2/Stable and P1 respectively.
The 31-year-old company, which operates 24 malls across Malaysia, has relied on internal funding for its expansion needs but it started tapping external funds in late 2014, RAM Ratings said.