Bloomberg News

Malaysia’s Employee Provident Fund Borrows 300 Million Pounds

December 20, 2011

Dec. 19 (Bloomberg) -- Malaysia’s state-owned Employee Provident Fund borrowed 300 million pounds in a five-year loan, proceeds of which will be used to buy properties in London, according to a person familiar with the matter.

The fund initially targeted 240 million pounds and increased the amount after receiving a strong response from banks, the person said, asking not to be identified as details are private. Banks consider Employee Provident Fund to be a quasi-sovereign borrower, the person said.

The loan, which is Employee Provident Fund’s first offshore facility, was arranged by Citigroup Inc., the person said.

To contact the editor responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net


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