UMW plans RM800m Islamic paper sale

From the Business Times:

MALAYSIAN auto-to-energy group UMW Holdings Bhd has set up a programme to sell up to RM800 million (US$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.

Looks like UMW picked the wrong time to re-finance. In this market, you've got to be quick to re-finance. Look at the American banks. They were quick to raise private money weeks ago during a time when financing was much easier to get. If the markets tank in the next few weeks, say good bye to lower rates. Their finance officer is a bit slow to the game.