Yong Tai also holds a 30-year concession to stage Encore Melaka, a show that retells the rich history of Melaka.
KUALA LUMPUR: Tourism and cultural-related property developer Yong Tai Bhd
, which is building the multi-billion ringgit Impression City in Melaka, has set up an Islamic medium term note programme of RM1bil in nominal value.
Yong Tai said it had on Tuesday lodged with the Securities Commission, the required information and relevant documents relating to the Sukuk programme.
The first issuance of the Islamic Medium Term Notes is expected to be issued by the second quarter of 2018.
Kenanga Investment Bank Bhd is the principal adviser, lead arranger and lead manager for the Sukuk programme.
“The Sukuk programme shall have a tenure of 20 years, which allows Yong Tai to issue the Sukuk under different tranches from time to time that may be unsecured or secured by different pools of assets/securities during the tenure of the Sukuk programme,” it said.
Yong Tai said the Sukuk to be issued under the Sukuk programme are unrated and can be issued under the Shariah principle of Wakalah Bi Al-Istithmar (together with Murabahah (via Tawarruq arrangement) or Mudharabah (profit sharing). The Sukuk shall be transferable and tradable after issuance.
The proceeds would be utilised to finance the investment activities, capital expenditure, working capital requirements and/or other general corporate purposes.
The landmark Impression City is a 138-acre integrated mixed development in Kota Laksamana, Melaka, facing the Straits of Malacca. This tourist-centric cultural development will be completed over 10 years and it will have a gross development value (GDV) of RM7bil.
Impression City will comprise the iconic Impression Melaka theatre, hotels, serviced apartments, commercial complexes, office towers, educational and wellness facilities, retail and shopping centres, and a yacht club.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
