Scientex plans RM500m Sukuk Murabahah

KUALA LUMPUR: Industrial packaging and property-based Scientex Bhd has proposed to set up a Sukuk Murabahah programme to issue up to RM500mil and it will have a tenure of up to 15 years.

It said on Wednesday its unit Scientex Quatari Sdn Bhd had lodged with the Securities Commission all the required information and relevant documents.

The programme would enable Scientex Quatari the flexibility to raise funds via the issuance of Sukuk Murabahah from time to time which can be used to finance or to repay land and property investments.

Other plans for the programme are to fund working capital requirements and to refinance existing bank borrowings.

“The Sukuk Murabahah programme is unrated and has a tenure of 15 years from the date of first issuance of the Sukuk Murabahah,” it said.

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