COMPLETE LOGISTIC SERVICES BERHAD
MIDF AMANAH INVESTMENT BANK BERHAD ARRANGES RM 50.0 MILLION ISLAMIC MEDIUM TERM NOTES FACILITY TO BE ISSUED BY TODAY’S MARKET (ULU TIRAM) SDN. BHD.
Kuala Lumpur, 4 September 2007 – MIDF Amanah Investment Bank Berhad (“MIDF Investment”) today held a signing ceremony for the RM 50.0 Million Islamic Medium Term Notes Facility (“IMTN Facility”) to be issued by Today’s Market (Ulu Tiram) Sdn. Bhd. (“TMUT”) and arranged by MIDF Investment.
The IMTN Facility is a contract that refers to the sale and purchase transaction for the financing of assets whereby the cost and profit margin are made known and agreed by all parties involved.
As the IMTN Facility is an Islamic securities facility based on the Shariah principles of Murabahah, the settlement for the purchase can be either on a deferred lump sum or on a deferred installment basis. The IMTN Facility has been assigned with an AID rating by Malaysian Rating Corporation Berhad (“MARC”) and approved by the Securities Commission.
Speaking at the signing ceremony, Y.Bhg. Tan Sri Dato’ Mahmood Taib, Chairman of MIDF and MIDF Investment said, “We at MIDF Investment are delighted to be entrusted with the mandate to arrange the IMTN Facility for TMUT. Under this newly signed agreement, MIDF Investment will be the lead arranger, facility agent and the primary subscriber for the said facility”.
“We are also pleased that TMUT has chosen an Islamic facility over the usual conventional financing. The decision to do so clearly goes hand in hand with the Government’s effort to promote and elevate the image of our country to be a vibrant Islamic banking hub in the near future”, Y.Bhg. Tan Sri Dato’ added.
The proceeds to be received by TMUT from the IMTN Facility will be utilised amongst others, to refinance the bridging loan undertaken by Bigphase Realty Sdn. Bhd., a TMUT subsidiary to purchase the project land, to part-finance the construction of TMUT’s shopping complex to be known as Today’s Mall in Ulu Tiram, Johor and also for working capital requirements of TMUT and/or its subsidiaries.
About MIDF Investment
MIDF Amanah Investment Bank Berhad (“MIDF Investment”) formerly known as Utama Merchant Bank Berhad, was incorporated on 22 July 1975 and is a wholly owned subsidiary of Malaysian Industrial Development Finance Berhad (“MIDF”).
The transformation of MIDF Investment from a merchant bank to a full-fledged investment bank, as guided by the Guidelines on Investment Banks jointly issued by Bank Negara Malaysia and the Securities Commission, had taken place in 2006 and involved the integration of the following companies under MIDF Group’s investment banking division, namely Amanah Short Deposits Berhad, Malaysia Discounts Berhad, MIDF Sisma Securities Sdn. Bhd. and MIDF Amanah Investment Bank Berhad.
MIDF Investment commenced operations as an investment bank on 3 January 2007. The primary activities of MIDF Investment are financial advisory, origination of debt capital market instruments for funding requirements, underwriting of equities and debt instruments, treasury activities and equity broking services.
About TMUT
Today’s Market (Ulu Tiram) Sdn. Bhd, a resident non- bumiputera controlled company, was incorporated under the Companies Act 1965 on 23 November 2006. The company is principally engaged in business as the shopping complex operator.
TMUT’s authorised and paid-up capitals are RM 5,000,000.00 and RM 2,100,000.00 respectively and it is 95.24 percent owned by Today’s Holding Group Sdn. Bhd. The proposed Today’s Mall is located in Ulu Tiram, next to the main road connecting Johor Bahru and Kota Tinggi. It is located 18km from Johor Bahru to the south and 20km from Kota Tinggi to the north. The proposed mall is surrounded by Taman Bukit Tiram, Taman Crescendo, Desa Tiram, Taman Puteri Wangsa, Taman Pelangi Indah and Taman Cemerlang. Ulu Tiram is a growing suburb of the Tebrau corridor and its growth will be boosted further when the proposed Senai-Desaru Highway opens in 2008.
