KUALA LUMPUR (June 9): NAZA TTDI Capital Bhd, a wholly-owned subsidiary of NAZA TTDI Sdn Bhd, has issued sukuk murabahah worth RM86.25 million as part of its unrated Islamic Medium Term Note (IMTN) programme of up to RM300 million.

According to the Bank Negara Malaysia’s (BNM) Fully Automated System for Issuing/Tendering (FAST) website, the five-year sukuk murabahah has a fixed profit rate of 6.5% per annum.

“The proceeds from the issuance of Tranche 1 [of the] sukuk murabahah under the sukuk murabahah programme shall be utilised by the NAZA TTDI group for the following syariah-compliant purposes which include working capital for the KL Metropolis project, general corporate purposes, and defraying fees, costs and expenses in relation to the issuance of sukuk murabahah and the sukuk murabahah programme,” it said.

Previously in April this year, NAZA TTDI Capital established the sukuk murabahah programme of up to RM300 million in nominal value, which will be issued over the next 15 years.

The group highlighted that the sukuk will be backed by properties owned by Naza TTDI located in KL Metropolis, with the proceeds to be used for the development of KL Metropolis and other general corporate purposes.

The RM21 billion gross development value (GDV) KL Metropolis township, launched in October 2011, spans 75.5 acres (about 30.55ha), with the Malaysia International Trade and Exhibition Centre (MITEC) at its centre. 

Naza TTDI collaborated with Nusmetro Property Sdn Bhd for the development of 3.29 acres, featuring three towers comprising simplex, duplex suites and serviced residences, which were completed and handed over in the first quarter of this year (1Q21).

Other projects under the township are under development, including an office tower, hotel residences at Somerset KL Metropolis, residential units at MET 1 and two levels of a retail mall.

Alliance Investment Bank Bhd was appointed the principal adviser, lead arranger and lead manager for the sukuk programme.