Swift Haulage sets up RM500m sukuk, secures RM231m working capital


Officials of Swift Haulage Sdn Bhd and AmBank Islamic Bhd, OCBC Al-Amin Bank Bhd and United Overseas Bank (Malaysia) Bhd after the signing ceremony for the RM500mil unrated Sukuk programme and RM231mil working capital facilities.

KUALA LUMPUR: Integrated logistics services provider, Swift Haulage Sdn Bhd has set up a RM500mil unrated Sukuk programme while it has also secured RM231mil in working capital facilities.

It said on Thursday that it has secured financing of RM531mil from AmBank Islamic Bhd, OCBC Al-Amin Bank Bhd and United Overseas Bank (Malaysia) Bhd.

Of the RM531mil, it comprised of the first tranche of Sukuk amounting to RM300mil and RM231mil in working capital.

Proceeds from the Sukuk programme, based on the Islamic principle of Murabahah via Tawarruq, will be used to refinance Swift Group’s existing facilities and future capital expansion purposes.

The three banks acted as joint principal advisers, joint lead arrangers and joint lead managers for the Sukuk programme and also lead arrangers and bookrunners for the working capital facilities.

Speaking at a ceremony to mark the issuance, Loo Yong Hui, group executive director of Swift Group, said the Sukuk programme would offer greater flexibility to finance the group’s future capital expenditure and ensure its feasibility.

It would also diversify the group’s source of funding to finance acquisitions related to its nature of business.

Also present at the ceremony were AmBank group CEO, Datuk Sulaiman Mohd Tahir, OCBC Bank (Malaysia) CEO, Datuk Ong Eng Bin and UOB Malaysia CEO, Wong Kim Choong.

Swift Group is among the top three biggest logistics services providers in Malaysia.

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Swift Group , logistics , financing , Loo Yong Hui , Sukuk

   

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