Cypark proposes to issue RM500mil Islamic bonds


  • Corporate News
  • Friday, 05 Jun 2020

The perpetual sukuk musharakah programme would allow for the issuance of unrated and subordinated perpetual Islamic medium term note with flexibility for CRE to issue secured or unsecured perpetual sukuk musharakah of not exceeding RM500mil at any point in time.(File pic shows an aerial view of the Pajam Renewable Energy Park.)

KUALA LUMPUR: Cypark Resources Bhd’s wholly-owned subsidiary, Cypark Renewable Energy Sdn Bhd (CRE), has proposed to issue up to RM500mil in perpetual Islamic medium-term notes in nominal value under the perpetual sukuk musharakah programme.

The perpetual sukuk musharakah programme would allow for the issuance of unrated and subordinated perpetual Islamic medium term note with flexibility for CRE to issue secured or unsecured perpetual sukuk musharakah of not exceeding RM500mil at any point in time.

In a filing with Bursa Malaysia, Cypark Resources said the proceeds from the issuance of perpetual sukuk musharakah would be utilised to refinance existing borrowings, capital expenditure, working capital, general corporate purpose and defraying fees, costs as well as expenses with regards to to the issuance of the programme.

“The utilisation of the proceeds of the perpetual sukuk musharakah programmes shall at all times be for syariah-compliant purposes.

“The perpetual sukuk musharakah may be issued in one or more tranches.

“The secured perpetual sukuk musharakah shall be secured by the security allocated for such tranche, ” it added.

Meanwhile, Cypark Resources noted that the perpetual sukuk musharakah programme was lodged with the Securities Commission Malaysia yesterday.

RHB Investment Bank Bhd is the principal adviser, lead arranger and lead manager for the perpetual sukuk musharakah programme.

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