IOI Properties' subsidiary makes RM1.2b sukuk issuance

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KUALA LUMPUR (Sept 7): IOI Properties Group Bhd said its unit Fortune Premiere Sdn Bhd had today made its third Sukuk Murabahah issuance of RM1.2 billion to finance the group's capital requirements and refinance existing borrowings.

In a filing with Bursa Malaysia, IOI Properties said the RM1.2 billion Islamic medium term notes form a part of Fortune Premiere's multi-currency Islamic medium term note programme of up to RM3 billion.

IOI Properties said the RM1.2 billion issuance entails two tranches. The first tranche has an issue size of RM300 million, with a tenure of 5 years, at a profit rate of 4.85% per annum. 

The second tranche has an issue size of RM900 million, with a tenure of 7 years, at a profit rate of 5.05% per annum.

"The joint lead managers for the third issuance are AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd," 
the filing added.