PETALING JAYA: Sunway Bhd has established a RM10 billion Islamic Commercial Papers/Islamic Medium-Term Notes Programme.
The group told Bursa Malaysia that its wholly owned subsidiary Sunway Treasury Sukuk Sdn Bhd had lodged with the Securities Commission Malaysia, the required information and relevant documents relating to the Sukuk Programme pursuant to the prevailing Guidelines on Unlisted Capital Market Products Under the Lodge and Launch Framework.
The first issuance of Sukuk Mudharabah is expected to be issued out of the Sukuk Programme by the first quarter of 2019.
The proceeds from the programme will be utilised to finance the investment activities, capital expenditure, working capital requirements, general corporate purposes and/or for the repayment of existing or future borrowings.
The Sukuk Mudharabah are guaranteed by Sunway by way of a Kafalah Guarantee in favour of the sukuk trustee.
It will have a tenure of seven years from the date of the first issuance, and the Sukuk Mudharabah to be issued under the Sukuk Programme are unsecured and shall be transferable and tradable in the secondary market.
Kenanga Investment Bank Bhd is the sole principal adviser, lead arranger, lead manager and shariah adviser for the Sukuk Programme.
The Sukuk Mudharabah have been assigned with an indicative rating of MARC-1IS(cg) / AA- IS(cg) by Malaysian Rating Corp Bhd. It shall be redeemed by the issuer at 100% of their nominal value on their respective maturity dates.
