Appointment of Adviser (4971Z)
January 14 2011 - 7:00AM
UK Regulatory
TIDMPALM
RNS Number : 4971Z
Asian Plantations Limited
14 January 2011
14 January 2011
Asian Plantations Limited
("APL" or the "Company")
Appointment of Sole Principal Adviser & Sole Lead
Arranger
Asian Plantations Limited (LSE: PALM), a palm oil plantation
company with operations in Malaysia, is pleased to announce that it
has appointed CIMB Investment Bank Berhad ("CIMB"), a leading
South-east Asian investment bank (www.cimb.com), to arrange a
medium term note programme ("MTN") for the Company, totalling up to
RM250,000,000 (approximately US$80,000,000), with various
maturities ranging up to ten years.
The MTN is subject to various government and regulatory
approvals and market demand, and the Company is targeting to
complete the MTN issuance in the first half of 2011, although there
can be no guarantee that the MTN will be successfully arranged.
If concluded, the Company intends to use the proceeds from the
MTN to:
-- finance the construction of the planned 90 tonne per hour
vertical sterilizer crushing mill (scalable to 120 tonnes per
hour);
-- contribute towards the Company's ongoing working capital for
completion of the existing estates under development;
-- refinance a portion of the Company's existing indebtedness,
amounting to RM85,000,000 (approximately US$28,000,000); and
-- fund potential land acquisitions and cash reserves.
Dennis Melka, APL's Joint Chief Executive Officer, commenting on
the MTN said:
"If completed, the issuance of the MTN will increase the
Company's financial flexibility and provide for a superior capital
structure. The Malaysian capital markets are receptive to long term
palm oil plantation financings, which is a significant advantage of
operating in Malaysia, an investment grade country with a low
interest rate environment, compared with other global palm oil
production zones."
For further information contact:
Asian Plantations Limited Tel: +65 6325 0970
Dennis Melka, Joint Chief Executive
Officer
Graeme Brown, Joint Chief Executive
Officer
Strand Hanson Limited Tel: +44 (0) 20 7409 3494
James Harris
Paul Cocker
Liam Buswell
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7459 3600
Tom Nicholson
Edward Farmer
Bankside Consultants Tel: +44 (0) 20 7367 8871
Simon Rothschild Tel: +44 (0) 20 7367 8872
Louise Mason
This information is provided by RNS
The company news service from the London Stock Exchange
END
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