PLUS Expressways Bhd, Malaysia’s biggest toll road operator, sold RM600 million (US$171 million) of Islamic bonds to repay maturing debt. The Kuala Lumpur-based company sold so-called Musharakah sukuk due May 2023 with help from CIMB Investment Bank Bhd, according to data compiled by Bloomberg. The zero-coupon bonds were priced to yield 6 per cent, according to a person with direct knowledge of the deal, who asked not to be identified as they’re not authorised to speak on the matter. A Musharakah is a type of trust certificate based on a profit-sharing contract that complies with syariah law’s ban on interest and speculation. -- Bloomberg
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