KUALA LUMPUR: Digistar Corporation Bhd’s wholly-owned subsidiary, Jaya Persada Sdn Bhd (JPSB) has proposed to issue an unrated fixed rate serial bonds of up to RM80 million in aggregate nominal value. In a filing to Bursa Malaysia, Digistar said the issuance would have a tenure of up to 14 years over three tranches, and it would be unrated, transferable and tradable. “JPSB will utilise the proceeds to fund the minimum balance as required under the financing agreements, as well as the costs and expenses incurred in respect of the bonds issuance. “It will also advance the proceeds to Digistar’s wholly-owned subsidiary, Seni Pujaan Sdn Bhd (SPSB) for refinancing of existing banking facility, expansion and refurbishment of Imperial Heritage Hotel (owned by SPSB),” it said. The proceeds would also be used for Digistar’s working capital, including expansion of the group’s mobile business and business and acquisitions related to its core business, the operating expenses incurred by its subsidiaries and to finance Digistar’s obligation to pay Kumpulan Melaka Bhd’s entitlement.

Source: New Strait Times December 20, 2017 11:26 UTC