S P Setia raises RM358m via sukuk to fund Semenyih land project

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KUALA LUMPUR (Jan 28):  S P Setia Bhd has completed the issuance of RM358.1 million worth of Islamic medium-term notes to part finance the purchase of a project land in Semenyih, Selangor.

The property developer said in a filing that the notes were issued under an unrated sukuk programme by its wholly-owned subsidiary KL East Sdn Bhd.

Maybank Investment Bank Bhd is the principal adviser, lead arranger, lead manager, facility agent and security agent for the sukuk programme, which will have a tenure of up to 10 years from the date of the first issue.

“The sukuk murabahah issued under the sukuk murabahah programme are on a restricted transferability basis and are only transferable within the licensed Islamic banks and licensed commercial banks in Malaysia only, save for development financial institution,” S P Setia said.

On Jan 8, KL East had lodged with the Securities Commission Malaysia the required information and relevant documents relating to the sukuk murabahah programme pursuant to the Guidelines on Unlisted Capital Market Products Under the Lodge and Launch Framework, S P Setia said.

Shares of S P Setia rose two sen or 0.78% to close at RM2.58, giving it a market capitalisation of RM10.21 billion. The counter saw 1.4 billion shares traded. Over the past one year, shares of S P Setia has fallen 20.62% from RM3.25.