16/06/2012 (The Star) - Glenealy Plantations (Malaya) Bhd has proposed to issue up to RM500m in nominal value of medium term notes (MTN) to fund the group's future planting and expansion programmes.

It said on Friday Maybank Investment Bank Bhd is the principal adviser and lead arranger for the MTN programme. Malayan Banking Bhd is the sole subscriber to the MTN.

The proceeds from the MTN would be used to part finance up to 80% of the company's plantation development expenses including building palm oil mill, acquisition of new plantation estates and other relevant capital expenditure.

Glenealy said the remaining amount would be used for the company's general working capital requirements.