KUALA LUMPUR (March 20): Sunway Bhd said its indirect wholly-owned unit Sunway Treasury Sukuk Sdn Bhd (STSSB) has issued the first tranche of its sukuk programme, to raise RM300 million.

In an exchange filing today, Sunway said the first Islamic Commercial Papers (ICP) issuance have been issued at a profit rate of 3.90% per annum, subject to terms.

It said the ICPs issued by STSSB will not have any impact on the group’s share capital, net asset per share, earnings per share, or its substantial shareholding structure.

On Jan 29, Sunway announced the setting up of the sukuk programme to raise up to RM10 billion in nominal value to finance its investment activities, capital expenditure and working capital.

Proceeds from the seven-year ICPs/Islamic Medium-Term Notes Programme under the syariah principle of Mudharabah, set up via STSSB, will also be used to fund general corporate expenses and for the repayment of existing or future borrowings.

Shares of Sunway settled unchanged today at RM1.68, giving the group a market capitalisation of RM8.14 billion.