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Monday, 17 July 2017 | MYT 9:26 PM

Sunway group sets up RM10bil sukuk programme

One of the projects that Sunway has started but not yet completed is Sunway City Ipoh.

One of the projects that Sunway has started but not yet completed is Sunway City Ipoh.

KUALA LUMPUR: Sunway Bhd’s sub-subsidiary Sunway Treasury Sukuk Sdn Bhd has launched a RM10bil Islamic medium term note (IMTN) programme.

The property and construction group told Bursa Malaysia that Sunway Treasury Sukuk, which is wholly owned by its unit Sunway Treasury Sdn Bhd, had also made its first issuance of IMTNs of RM10mil on Monday.

Sunway said Sunway Treasury had on May 9 lodged with the Securities Commission the required information and relevant documents relating to the sukuk programme.

The programme will have a tenure of up to 100 years, which allows Sunway Treasury Sukuk to issue different tranches of IMTNs from time to time that may be unsecured or secured with different pools of assets/securities during the tenure. 

These notes are unrated and can be issued under the syariah principle of Wakalah Bi Al-Istithmar or Mudharabah (profit sharing). The IMTNs will be transferable and tradable after issuance.

Kenanga Investment Bank Bhd is the sole principal adviser. It and HSBC Amanah Malaysia Bhd are  the joint lead arrangers and joint lead managers for the sukuk programme.

Sunway said the proceeds from the sukuk programme would be used, among others, to finance the investment activities, working capital requirements and/or general corporate purposes of the issuer and/or Sunway and/or its subsidiaries.

Tags / Keywords: Corporate News , Construction , Sunway Bhd

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