When all else fails, try an Islamic bond

Recent attempts by United Engineers Malaysia (UEM), the road and construction arm of Renong, to refinance itself (and its parent) have been problematic to say the least. To lower it and Renong’s debts - recently estimated at M$22 billion ($5.8 billion) - UEM has gone cap in hand to banks, tried to entice investors on the equity markets, and even looked towards securitization, all without success.