Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Jan 29): Sunway Bhd has set up a sukuk programme to raise up to RM10 billion in nominal value to finance its investment activities, capital expenditure and working capital.

Proceeds will also be used to fund general corporate expenses, and for the repayment of existing or future borrowings.

The seven-year Islamic Commercial Papers/Islamic Medium Term Notes Programme under the syariah principle of Mudharabah is set up via its indirect wholly-owned unit, Sunway Treasury Sukuk Sdn Bhd.

In a stock exchange filing today, Sunway said the first issuance under the programme, which is guaranteed by the group by way of a Kafalah guarantee in favour of the sukuk trustee, is expected to be made in the first quarter of this year.

Sukuks issued under the programme are unsecured and shall be transferable and tradeable in the secondary market, it said.

The sukuk programme has been assigned an indicative rating of MARC-1IS(cg)/AA- IS(cg) by Malaysian Rating Corp Bhd (MARC), said Sunway.

Kenanga Investment Bank Berhad is the sole principal adviser, lead Arranger, lead manager and shariah adviser for the sukuk programme.

Shares in Sunway settled 2 sen or 1.25% higher at RM1.62 apiece today, giving it a market capitalisation of RM7.86 billion.

      Print
      Text Size
      Share