CIMB says to arrange CityDev's Islamic bond issue
KUALA LUMPUR, Aug 20 (Reuters) - Malaysian lender CIMB has been picked to arrange an Islamic bond sale by Singapore property developer City Developments, the bank said on Wednesday.
CityDev (CTDM.SI: Quote, Profile, Research, Stock Buzz), Southeast Asia's second-biggest property developer by market value, had said it would sell S$1 billion of sharia-compliant debt, in what would be Singapore's first Islamic unsecured financing arrangement aimed at tapping new markets.
Badlisyah Abdul Ghani, chief executive of CIMB Islamic Bank, said the deal would be formally announced on Thursday.
CIMB Bank is part of CIMB Group which is listed on the Malaysian stock exchange through Bumiputra-Commerce Holdings (BUCM.KL: Quote, Profile, Research, Stock Buzz). (Reporting by Liau Y-Sing; Editing by Louise Heavens)
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