Mah Sing concludes RM300m sukuk issuance

Mah Sing concludes RM300m sukuk issuance
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KUALA LUMPUR (Oct 20): Property developer Mah Sing Group Bhd announced via a bourse filing that it has completed the issuance of secured and unrated Sukuk Murabahah of RM300 million on Wednesday.

The sukuk issuance is part of the property developer's ongoing RM1 billion Sukuk Murabahah programme since last year.

According to a bourse filing, the sukuk issued will have a tenure of five years and carry a fixed profit rate of 4.9% per annum payable semi-annually. In accordance with Islamic finance principles, the sukuk is secured by assets owned by Mah Sing via its subsidiaries and designated accounts.

The proceeds from the sukuk will be used for shariah-compliant purposes such as landbanking, capital expenditures, investments and working capital as well as the refinancing of its existing borrowings and/or redemption of unrated perpetual securities.

Hong Leong Investment Bank Bhd is the principal adviser, lead arranger and lead manager for the property developer's Sukuk Murabahah programme.

Mah Sing shares closed up 0.5 sen or 0.63% to 80 sen today, giving it a market capitalisation of RM1.93 billion.

Lam Jian Wyn