TRIplc issues sukuk worth RM666mil to pay for teaching hospital

KUALA LUMPUR: TRIplc Bhd is issuing sukuk worth RM666mil, guaranteed by government-backed agencies, to pay for the construction of a teaching hospital in Selangor.

The development cost of the project was RM599mil and construction works began in April this year.

In February 2016, TRIplc’s unit TRIplc Medical Sdn Bhd (TMSB) was awarded a 25-year concession (three years for construction and 22 years for maintenance services) to construct and then provide asset management services for a 400-bed teaching hospital, academic facilities and accommodation for Zone 1 Phase 3 (ZIP3) of Universiti Teknologi Mara (UiTM) Puncak Alam campus in Selangor.

The project was to be undertaken by way of private finance initiative.

TRIplc told Bursa Malaysia yesterday that its unit was raising gross proceeds of RM666mil by issuing senior and junior sukuk murabahah to part finance the project. The construction and property development group that TMSB issued RM639mil AA1 rated senior sukuk murabahah and RM27mil unrated junior sukuk murabahah yesterday.

The senior sukuk has a tenure of five to 18 years from the date of issuance.

The issuance is irrevocably and unconditionally guaranteed equally by Danajamin Nasional Bhd and Bank Pembangunan Malaysia Bhd for 48 months starting from the date of issuance or on issuance of certificate of acceptance by UiTM, whichever is earlier.

The inaugural issuance of junior sukuk has a tenure of 19 years.