PETALING JAYA: Sunsuria Bhd has proposed to issue Islamic bonds of up to RM500mil to raise funds for capital expenditure and working capital.
The property developer told Bursa Malaysia that it has submitted the sukuk wakalah programme to the Securities Commission.
“The tenure of the programme shall be up to 30 years from the date of first issuance of the sukuk wakalah, ” it said.
Malaysian Rating Corp Bhd (MARC) has assigned a preliminary rating of A+IS to Sunsuria’s proposal. The rating outlook is stable.
In a statement, it said the assigned rating was based on Sunsuria’s moderate business and financial risk, underpinned by low leverage and a healthy liquidity position.
“The rating is constrained by the impact from challenging market conditions on domestic property demand which will likely be worsened by the current economic conditions.
“The stable outlook assumes that Sunsuria will maintain its balanced approach to property development and manage its financial profile within expectations, in particular its debt metrics with a projected leverage of below 0.5 times post initial issuance, ” it said.
Sunsuria is a mid-sized property developer and its main development is the 375-acre Sunsuria City township in Salak Tinggi, Selangor.