November 9, 2017 / 9:56 AM / a year ago

Malaysia's Edra Power hires banks for $1.25 bln sukuk - sources

KUALA LUMPUR, Nov 9 (Reuters) - Malaysian independent power producer Edra Power Holdings has hired three domestic banks to raise 5.28 billion ringgit ($1.25 billion) through a sukuk programme, two sources familiar with the deal said on Thursday.

The wholly-owned unit of China Nuclear Power Corp hired CIMB Investment Bank as the sole principal adviser and financial adviser, while Maybank Investment Bank and RHB Investment Bank are joint lead managers for the debt programme.

Roadshows for the sukuk are under way, and the company plans to launch it before the year-end, a source said. The sources declined to be named because of the private nature of the deal.

The company is Malaysia’s second-largest independent power producer. It was formerly owned by state fund 1MDB and was seeking a $1-3 billion IPO.

According to IFR, a Thomson Reuters publication that reported the deal earlier, Edra met with investors in Kuala Lumpur on Thursday. (Reporting by Liz Lee; Editing by Jacqueline Wong)

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