Business News

Ekovest subsidiary issues RM2.48bil sukuk, bonds

Tuesday, 3 December 2013

EKOVEST Bhd’s subsidiary Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) has issued RM2.3bil in nominal value sukuk musharakah and RM180mil in nominal value junior bonds.

The proceeds would be used to redeem Kesturi’s existing RM820mil nominal value Islamic medium term notes and existing RM50mil nominal value redeemable secured junior bonds.

It told Bursa Malaysia that the proceeds would also be used to fund the initial deposit in the finance service reserve account maintained under the sukuk programme. The funds would be used to part-finance the construction costs, development costs, financing costs, fees and expenses in relation to the Duta-Ulu Kelang Expressway phase 2.

The sukuk programme and junior bonds were rated AA-IS and A- with stable outlook respectively by Malaysian Rating Corp Bhd.

CIMB Investment Bank Bhd is the sole principal adviser, lead arranger and lead manager for the sukuk programme and junior bonds.

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