SINGAPORE - Wing Tai Holdings has established a $1 billion multicurrency debt issuance programme.

The property developer and fashion retailer on March 6 said it plans to use the net proceeds for general working capital and investments, as well as refinancing existing borrowings.

It may issue perpetual securities and notes denominated in Singapore dollars or any other currency, in various amounts and tenors, at fixed, floating, variable or hybrid interest rates. They may also not bear any interest.

The debt issuance programme has obtained in-principle approval from the Singapore Exchange. HSBC is the arranger and dealer of the facility.

Wing Tai shares were 0.7 per cent higher at $1.41 at market close on March 6, before the announcement. THE BUSINESS TIMES