RHB, Press Metal unit agree Islamic financing deal

KUALA LUMPUR, Oct 29 (Reuters) - Malaysia's fourth largest lender, RHB Bank will enter into an Islamic financing deal with a local aluminium fabricator, RHB Bank said on Wednesday. RHB Bank will provide a syndicated Islamic term financing facility of up to 355 million Malaysian ringgit ($99.22 million) to Press Metal Sarawak Sdn Bhd, a unit of Press Metal Bhd, RHB said in a press advisory. The two parties will sign the deal on Thursday, it said. Press Metal is building a $770 million smelter in the East Malaysian state of Sarawak on Borneo island, with first-phase production capacity of 100,000 tonnes a year, starting with 50,000 tonnes by mid-2009.