Thursday 28 Mar 2024
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KUALA LUMPUR (March 22): Boustead Holdings Bhd said it is seeking consent from the holders of its Sukuk Murabahah Programme (SMP) to allow the submission of financial statements by May 31. 

The move is in tandem with the one-month extension granted to all listed issuers by the Securities Commission and Bursa Malaysia for the issuance of quarterly and annual reports which are due on Feb 28 and April 30 respectively, the group said in a stock exchange filing.

Boustead was clarifying a report by The Edge earlier today that the group is seeking time extension consent from holders of the RM2.5 billion sukuk to comply with the covenant of the securities. 

Boustead had announced the 10-year sukuk programme — which combines an initial sukuk issuance of RM2 billion and a subsequent issuance worth RM500 million — in September 2017. 

The group expects the proceeds to be raised from the sukuk programme, to be used to finance future property development projects and capital expenditure, investments in subsidiaries or associates, as well as working capital requirements. 

The proceeds will also go towards refinancing existing borrowings of the company, to fund the reserve account to meet the minimum required balance under the terms and conditions of the sukuk programmes, and to pay the related fees and expenses.

Edited ByS Kanagaraju
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