Malaysia's Ahmad Zaki Resources Bhd has received regulatory approval from the Securities Commission for a one billion ringgit ($307.98 million) Islamic bond that will be established through its wholly owned unit EKVE Sdn Bhd, the construction firm said in a stock exchange filing on Wednesday.

Funds from the proposed "sukuk murabahah", which will have a tenure of up to 22 years from its issuance date, will be used to finance the East Klang Valley Expressway in capital Kuala Lumpur.

Maybank Investment Bank and Bank Pembangunan Malaysia are the joint principle advisers, lead arrangers and lead managers of the proposed sukuk, while Maybank Islamic is the sharia adviser.

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