Malaysia's UMW plans 800 mln rgt Islamic paper deal


KUALA LUMPUR, June 23 (Reuters) - Malaysian auto-to-energy group UMW Holdings Bhd has set up a programme to sell up to 800 million ringgit ($226.1 million) of Islamic paper to refinance its borrowings and for working capital. The paper will be issued under the musharaka concept, UMW said in a statement. Under the musharaka principle, parties contribute capital to a venture with profits to be shared according to an agreed ratio, while losses are generally divided as per the capital ...

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