Perak Transit to raise RM500m via sukuk

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KUALA LUMPUR (Sept 18): Perak Transit Bhd plans to raise up to RM500 million by establishing a sukuk murabahah programme to refinance the group’s bank borrowings.

The money will aslo be used to finance its capital expenditure and working capital requirements, the group said in a filing with Bursa Malaysia.

The programme will have a tenure of 15 years from the date of the first issuance of the sukuk, the group said.

It said United Overseas Bank (Malaysia) Bhd is the sole principal adviser, lead arranger, lead manager, and facility agent for the programme.

Perak Transit shares price closed unchanged at 21.5 sen, bringing it a market capitalisation of RM305.9 million.

The counter saw some 4.72 million shares traded. Over the past year, the counter has retreated 25.86% from 29 sen.