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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

Singapore's Jadestone new upstream investor in Malaysia
Maybank Indonesia 1H profit falls on Covid-19 impact
Oil prices fall on worries over China economy and higher crude output
OCR Group to launch RM750m Shah Alam property project in 1Q2022
HSBC's 1H profit more than doubles as economies rebound
Keppel plans to buy Singapore Press Holdings for US$1.6b
M&A Securities to underwrite CEKD IPO
SAM Engineering unaware of reasons for share spike
IHS Markit: Malaysia's PMI edges up to 40.1 in July
Negative trend picks up speed

Stories You'll Enjoy


Vouchers