Kenanga Investment Bank Bhd. plans to issue up to 250 million ringgit of subordinated notes.

The notes will qualify as Basel III-complaint Tier 2 capital of the bank, according to a March 27 release. The notes will be issued under the lender's subordinated note program.

Proceeds from the issuance will be used to support investments into the bank's subsidiaries, as well as other working capital and corporate purposes.

As of March 24, US$1 was equivalent to 4.43 Malaysian ringgit.