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Malaysia's Ahmad Zaki gets nod for $308 million Islamic bond

KUALA LUMPUR, Dec 18 (Reuters) - Malaysia's Ahmad Zaki Resources Bhd has received regulatory approval from the Securities Commission for a 1 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 shariah adviser.

For the full statement, please see http://link.reuters.com/dan55v

($1 = 3.2470 Malaysian ringgit) (Reporting By Anuradha Raghu; Editing by Jane Merriman)