Business
Appointment of Adviser
Appointment of Adviser.
About this update from Panther Metals Plc
[{"type":"text","content":"\n RNS Number : 4971Z Asian Plantations Limited 14 January 2011 \n \n\n 14 January 2011\n \nAsian Plantations Limited\n(\"APL\" or the \"Company\")\n \nAppointment of Sole Principal Adviser & Sole Lead Arranger\n \nAsian 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. \n \nThe 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.\n \nIf concluded, the Company intends to use the proceeds from the MTN to: \n \n§ finance the construction of the planned 90 tonne per hour vertical sterilizer crushing mill (scalable to 120 tonnes per hour);\n \n§ contribute towards the Company's ongoing working capital for completion of the existing estates under development;\n \n§ refinance a portion of the Company's existing indebtedness, amounting to RM85,000,000 (approximately US$28,000,000); and \n \n§ fund potential land acquisitions and cash reserves.\n \nDennis Melka, APL's Joint Chief Executive Officer, commenting on the MTN, said: \n \n\"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.\"\n \n \nFor further information contact:\n \n\n\n\n\nAsian Plantations Limited \nDennis Melka, Joint Chief Executive Officer \nGraeme Brown, Joint Chief Executive Officer \n \n\n\n \n Tel: +65 6325 0970\n \n\n\n\n\nStrand Hanson Limit...