Mudajaya unit to raise up to RM245m green SRI Sukuk

KUALA LUMPUR: Mudajaya Group Bhd's unit has proposed to raise up to RM245mil green SRI Sukuk Wakalah to build a  large scale solar photovoltaic (PV) energy generating facility of 49MWac in Sungai Siput, Kuala Kangsar.

It said on Tuesday the Sukuk Wakalah shall be issued by Sinar Kamiri Sdn Bhd on a one-off basis, whereby it may comprise one or more series having the same issue date but different maturity dates. 

Sinar Kamiri, whose principal activity is power generation, had on Nov 7, 2017, lodged the proposal for the Sukuk Wakalah with the Securities Commission.

The tenure of each series of the Sukuk Wakalah shall be up to 18 years from the date of issuance. 

The proceeds raised from the proposed issuance of the Green SRI Sukuk Wakalah will be utilised by Sinar Kamiri to part finance the PV project.

The Sukuk Wakalah was assigned a long term preliminary rating of AA-IS by Malaysian Rating Corporation Bhd.

AmInvestment Bank Berhad is the sole principal adviser; AmInvestment Bank and United Overseas Bank (Malaysia) Bhd are the joint lead arrangers and joint lead managers.

AmInvestment Bank, which is backed by AmBank Islamic’s Shariah committee, is the Shariah adviser.