Nepline to Buy Tankers

Nepline is purchasing four aframax tankers, reports said. The company is looking to purchase two new as well as two second-hand aframax tankers. Plans to buy the tankers will likely be announced by year-end, the source said, adding that Nepline will finance the purchase by issuing up to RM170 million Islamic bonds. In August, Nepline informed Bursa Malaysia that the Securities Commission had approved the proposed issuance of Sukuk papers by Nepline SPV Sdn Bhd, a wholly-owned subsidiary of the company. The papers carry a tenure of between one and 10 years, Nepline said in the statement to Bursa Malaysia. source: Business Times