Singapore-listed palm oil producer Bumitama Agri may raise 500 million ringgit ($151.8 million) with a five-year Islamic bond in early March, IFR reported.

Bumitama will draw from a two billion ringgit programme it established in January, with funds going towards capital expenditure, investments and debt refinancing.

Bumitama will be the third palm oil plantation firm to tap Malaysia's sukuk market in recent years. Maybank Investment Bank Bhd and United Overseas Bank (Malaysia) Bhd are advisers for the programme.

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