SIPSB To Raise MYR1.35bn For Port Project
News: Bintulu Port Holdings' unit Samalaju Industrial Port Sdn Bhd (SIPSB) in Sarawak, Malaysia plans to raise a maximum of MYR1.35bn (US$440.8mn) from a share placement and sukuk (Islamic securities) issue. This will enable SIPSB to offer financial support for the advancement of the Samalaju Port project in Bintulu. Kenanga Investment Bank has been hired by SIPSB as the principal adviser and placement agent for the proposed placement exercise, while CIMB Investment Bank is accountable for the proposed sukuk issue. Dredging work for the proposed main port is to begin in Q113 and the wharf and breakwater construction is likely to commence in June 2013.