PETALING JAYA: System integration services provider Digistar Corp Bhd ’s wholly-owned subsidiary Jaya Persada Sdn Bhd is proposing to establish unrated fixed-rate serial bonds of up to RM80mil in aggregate nominal value.

The company said the proceeds from the issuance will be used to refinance another subsidiary, Seni Pujaan Sdn Bhd’s, existing banking facility as well as expansion and refurbishment of Imperial Heritage Hotel (owned by Seni Pujaan).

The proceeds will also be used as an advance to Digistar for expansion of Works Department projects, working capital for the expansion of the mobile business as well as other acquisitions related to the core business.

The proceeds will cover operating expenses incurred by Digistar subsidiaries including Jaya Persada and to finance Digistar’s obligation to pay Kumpulan Melaka Bhd’s entitlement.

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