KUALA LUMPUR: MNRB Holdings Bhd
plans to undertake a sukuk programme of up to RM320mil in nominal value.
The national reinsurer and leading takaful operator had on Friday lodged with the Securities Commission the lodgement kit for the proposed establishment of the sukuk murabahah programme.
It said the programme was for the issuance of senior sukuk murabahah and/or subordinated sukuk murabahah.
“The Subordinated Sukuk Murabahah to be issued are intended to qualify as Tier 2 capital instrument subject to compliance with the requirements of the Risk-Based Capital Framework for Insurers published by Bank Negara Malaysia on May 31, 2017,” it said.
MNRB said each subordinated sukuk murabahah issued under the programme shall have a tenure of at least five years subject to an early redemption event whereas each senior sukuk murabahah issued under the programme shall have a tenure of at least one year.
The proceeds from the programme shall be used for Shariah-compliant purposes, as follows:
a) refinancing MNRB’s existing and future financing/borrowings including to redeem any maturing Sukuk Murabahah issued under the sukuk murabahah programme;
b) investment into MNRB’s subsidiaries which are involved in Shariah-compliant activities;
c) investment in permitted investments; and
d) paying the fees and expenses in relation to the sukuk murabahah programme.
AmInvestment Bank Bhd is the principal adviser, lead arranger and lead manager for the sukuk murabahah programme.
AmBank Islamic Bhd is the Shariah adviser for the programme.
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