Eco World subsidiary issues RM180mil Sukuk Wakalah

KUALA LUMPUR (Bernama) -- Eco World Development Group Bhd’s (EcoWorld Malaysia) wholly-owned subsidiary Eco World Capital Services Bhd has issued RM180 million sukuk wakalah with a tenure of five years.

In a filing with Bursa Malaysia today, Eco World said the sukuk issuance was under its sukuk wakalah programme of RM500 million in nominal value, which was unrated and secured by a corporate guarantee by EcoWorld Malaysia.

Proceeds from the sukuk issuance would be utilised for repayment of several existing borrowings of entities within the group, working capital requirements of EcoWorld Malaysia and its subsidiaries and/or of any joint ventures which the group is a party to, it added.

"The proceeds will also be used for general corporate purposes of the EcoWorld Malaysia Group and/or of any joint ventures, which the EcoWorld Malaysia Group is a party to,” said Eco World.

CIMB Investment Bank Bhd and RHB Investment Bank Bhd are the joint principal advisers and joint lead arrangers for the sukuk wakalah programme as well as the joint lead managers for the sukuk issuance.

CIMB Islamic Bank Bhd and RHB Islamic Bank Bhd are the joint shariah advisers for the sukuk wakalah programme.

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