KUALA LUMPUR (March 4): Johor Corp (JCorp) plans to issue up to RM3.5 billion worth of Islamic bonds or sukuk under the Wakalah principle, according to the Johor state investment arm's lodgement with the Securities Commission Malaysia (SC).

According to the SC filing, the lodgement date of JCorp's proposed RM3.5 billion worth of Islamic bonds was on Wednesday (March 2) while the lodgement expiry date falls on July 15, 2022.

The filing said JCorp's proposed RM3.5 billion worth of Islamic bonds are "pending issuance" and that Maybank Investment Bank Bhd is the principal adviser for the corporate exercise.

The filing, which did not say what JCorp plans to do with the proceeds of the bond issuance, had also not specified the securities' tenure and annual profit rates.

According to JCorp's website, the group was incorporated through the Johor State Economic Development Corporation Enactment in 1968 and later amended in 1995 as the principal development institution to drive the growth of Johor’s economy.

"We are focused to achieve our mission in the creation and distribution of wealth. We operate in four core sectors, namely agriculture, wellness, food & restaurant and real estate & infrastructure, through our flagship companies Kulim (M) Bhd, KPJ Healthcare Bhd, QSR Brands (M) Holdings Bhd and Johor Land Bhd respectively," JCorp said.

According to QSR Brands' website, the company operates KFC restaurants in Malaysia, Singapore, Brunei and Cambodia besides Pizza Hut restaurants in Malaysia and Singapore.

QSR Brands said the company has been granted the right by Yum! Brands to establish and operate KFC and Pizza Hut restaurants in these countries.