Vincent Tan’s investment holding company True Ascend revises bond maturity date under RM1b scheme


KUALA LUMPUR (April 13): The investment holding company of Berjaya Corp Bhd founder, Tan Sri Vincent Tan Chee Yioun, True Ascend Sdn Bhd, has revised the maturity date of bonds issued under the bond program from 1 billion RM from True Ascend to May 13, 2022 from May 16, 2022.

Indeed, May 16, 2022 (Monday) will be a public holiday in conjunction with Wesak Day which falls on May 15, 2022 (Sunday).

“Please note that stock code UF200271 which expires on May 16, 2022 has been adjusted to expire on May 13, 2022 as there will be [be] a public holiday on May 16, 2022,” said Kenanga Investment Bank Bhd, which is the facility agent for True Ascend’s RM1 billion commercial paper/medium term note program.

Kenanga said so on Wednesday, April 13 in a filing with Bank Negara Malaysia’s Fully Automated Issuance/Tendering System (FAST) website.

Kenanga’s filing, however, did not specify the value in addition to the annual coupon or interest rate of the bonds issued under True Ascend’s RM1 billion bond program.

According to the CBonds website, True Ascend stock code UF200271 refers to a RM50 million bond program that pays an annual interest rate of 12.5%.

Tan’s ownership of True Ascend is disclosed in 7-Eleven Malaysia Holdings Bhd’s annual report and filings in Bursa.

According to 7-Eleven Malaysia’s annual report, Tan holds an indirect 23.94% stake in 7-Eleven Malaysia due to his holdings in companies such as True Ascend as of March 31, 2021.

Tan also has a 27.96% working interest in 7-Eleven Malaysia, according to the company’s annual report.


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