PDS proceeds can now be used for construction of hypermarkets
The Securities Commission (SC) today announced on behalf of the National Bond Market Committee (NBMC), the relaxation of some restrictions on the utilisation of proceeds from the issuance of private debt securities (PDS) for the construction of hypermarkets.
Following the relaxation, proceeds from PDS issues can now be used to finance the development of a hypermarket subject to the following conditions:
Prior to this, the “construction of hypermarkets” fell under the definition of the “construction of shopping complexes.” The construction of shopping complexes remains an activity not allowed to seek funding through the issue of PDS.
An updated NBMC Negative List (Appendix 1) which lists circumstances in which proceeds from PDS issues cannot be utilised, is available here.