Sunsuria sets up RM500mil sukuk wakalah ICP programme

KUALA LUMPUR: Sunsuria Bhd has made a lodgement with the Securities Commission (SC) to establish an Islamic commercial papers (ICP) programme of up to RM500 million in nominal value.

In a Bursa Malaysia filing today, the property developer said the programme provides the group with the flexibility to issue secured and/ or unsecured, rated and/ or unrated sukuk wakalah from time to time, subject to the aggregate outstanding nominal amount not exceeding RM500 million. The lodgement was made under the SC’s lodge and launch framework.

The ICP programme has been assigned a preliminary rating of MARC-1IS by MARC Ratings Bhd.

Sunsuria said proceeds raised would be used to finance working capital, capital expenditure and general corporate purposes, and to repay and refinance existing borrowings, Shariah-compliant financing, future sukuk issues, and related establishment costs.

“All proceeds raised shall at all times be utilised for Shariah-compliant purposes,” it added.

Hong Leong Investment Bank Bhd is the principal adviser, lead arranger, lead manager and facility agent for the programme.

— BERNAMA

Sunsuria, ICP Programme, SC, Bursa Malaysia

© New Straits Times Press (M) Bhd

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