Sunway issues RM10m worth of notes under RM10b sukuk programme

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KUALA LUMPUR (July 17): Sunway Bhd today made its first issuance of RM10 million worth of notes under its RM10 billion Islamic medium term note (IMTN) programme.

The sukuk was issued by Sunway Treasury Sukuk Sdn Bhd, a unit of its wholly-owned subsidiary Sunway Treasury Sdn Bhd, said the property developer and construction player in a filing with Bursa Malaysia.

Sunway said the proceeds raised from the sukuk will be used to finance its investment activities and working capital requirements, and for general corporate purposes.

"The sukuk programme shall have a tenure of up to 100 years, which allows Sunway Treasury Sukuk to issue different tranches of IMTNs from time to time that may be unsecured or secured with different pools of assets during the tenure of the sukuk programme," said Sunway.

Sunway's sukuk was solely arranged by its principal adviser Kenanga Investment Bank Bhd, together with its lead arranger and manager HSBC Amanah Malaysia Bhd.

Boasting a workforce of 5,000, Sunway is involved in various activities including property, construction, retail, hospitality, leisure, healthcare and education.

Sunway's share price rose 10 sen or 2.52% to close at RM4.06 today, with 5.69 million shares done, for a market capitalisation of RM8.45 billion.