Sunsuria plans RM500mil sukuk issuance

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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Sunsuria , Sunsuria City , sukuk , construction , MARC


Next In Business News

GIIB's glove manufacturing plant expected to enhance bottomline
Kasa’s business programmes at Expo 2020 Dubai generates RM16.33bil in potential trade, investment
FTX's billionaire chief says bitcoin has no future as a payments network- FT
China April aluminium output hits record high as power curbs lifted
China April property sales plunge 46.6%, fastest since at least 2010
China's economy cools sharply in April as lockdowns bite
Oil prices drop on profit-taking, supply fears linger
Asia stocks try to bounce, China data a risk
Dollar starts week on strong footing on firm safe-haven bid
Funds stage sizable soy, soymeal selloff ahead of USDA data

Others Also Read