Business News

TH Heavy Engineering proposes RM170m Sukuk

Thursday, 5 September 2013

KUALA LUMPUR: TH Heavy Engineering Bhd has proposed to issue non-rated Sukuk of up to RM170mil in nominal value at a profit rate of 7% per annum.

It said on Thursday it had mandated MIDF Amanah Investment Bank Bhd to be the principal adviser. MIDF Investment and Hong Leong Islamic Bank Bhd were mandated to act as joint lead arranger and joint lead manager for the Sukuk Murabahah.

TH Heavy also said the Securities Commission had authorised the issuance of the Sukuk Murabahah whose tenure would be three years from the date of the first and only issuance.

TH Heavy said the Sukuk Murabahah would be unrated, non-transferrable and non-tradable. The profit rate of 7% per annum would be paid semi-annually.

It added the proceeds from the issuance of the Sukuk Murabahah would be used to refinance part of the existing Islamic term financing and for working capital.

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