MALAYSIAN conglomerate Multi-Purpose Holdings yesterday signed an agreement for a M$250.34 million (about HK$738.5 million) bond issue to buy a 40-storey building in the centre of Kuala Lumpur. The three per cent redeemable non-convertible guaranteed bond issue, with 150.2 million detachable warrants attached, will be issued to Arab-Malaysian Merchant Bank for cash. The non-convertible bonds are fully guaranteed by a consortium of financial institutions, while up to 103.9 million of the warrants are being underwritten, also by a consortium of financial institutions. Multi-Purpose Holdings said the building, which will house the company's headquarters, will cost $236 million. Rental income from the building will be used to service interest payments on the bond issue. The company said Arab-Malaysians would privately place the bonds with selected financial institutions. The warrants will be detached and offered for sale to existing shareholders of Multi-Purpose on the basis of one-for-five, at an offer price of 40 cents per warrant. The sale date has yet to be determined. Multi-Purpose is a widely diversified group with subsidiaries involved in gaming, financial services, shipping, property and plantations.