Sunway issues RM200m Sukuk

AmInvestment Research picked Sunway Bhd (Buy, FV: RM1.65) given that its local property launches have been generally well received due to good locations.

KUALA LUMPUR: Sunway Bhd has raised RM200mil from the issuance of its first Islamic medium term note (ITMN) programme.

The diversified group announced on Friday the Sukuk, which is under its RM5bil programme, were issued with a tenure of perpetual non-call five years at a profit rate of 5.50% per annum.

The profit rate will be payable semi-annually and are redeemable at the option of the issuer subject to the terms of the IMTNs.

Sunway said the IMTNs issued were subscribed by Kenanga Investors Bhd and they would not be listed on any exchange.

It said the issuance of the IMTNs was expected to have a positive impact on the gearing of Sunway immediately after the issuance.

Kenanga Investment Bank Bhd is the principal adviser/lead arranger/lead manager for the Sukuk programme.