KUALA LUMPUR (Nov 10): Property developer Titijaya Land Bhd, which has established an Islamic Commercial Papers (ICP) Programme of up to RM150 million in nominal value, has made its first ICP issuance under the programme to raise RM20 million.

The ICP programme has a tenure of up to seven years from the first ICP issuance, it said in a statement to Bursa Malaysia today. Kenanga Investment Bank is the principal adviser, lead arranger and lead manager for the ICP programme.

The Islamic debt papers, which are transferable and tradable, are issued under the syariah principle of mudharabah (profit sharing).

Previously on Oct 30, the Malaysia Rating Corporation Bhd (MARC) assigned a final short-term rating of MARC-1IS to the RM150 million ICP Programme, with a stable outlook.

"The proceeds from the ICP programme shall be utilised amongst others, for repayment of future borrowings, to finance the investment activities, working capital requirements and/or general corporate purposes of the issuer and its direct and indirect subsidiaries and including jointly controlled entities and associate companies of Titijaya," said Titijaya group managing director Tan Sri Lim Soon Peng.

Titijaya shares slid 3 sen or 2.01% to settle at RM1.46 today. In the past 12 months, the stock has declined 18.2%.