Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily, on October 11, 2016.

 

KUALA LUMPUR: APM Automotive Holdings Bhd has proposed to establish an Islamic commercial papers (ICP) programme and Islamic medium term notes (IMTN), with a combined nominal value of up to RM1.5 billion.

In a bourse filing, APM said the ICP and IMTN programmes will have a tenure of seven years and 20 years respectively, from the date of first issue.

“The proceeds from the issuance of the sukuk murabahah shall be utilised by the company for general corporate purposes and to refinance future financing [including future utilisation of existing financing] of APM and its subsidiaries.

“The utilisation of the proceeds of the sukuk murabahah programmes shall at all times be for syariah-compliant purposes,” it said.

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