Kimlun to set up sukuk Murabahah programmes of up to RM800mil

KUALA LUMPUR: Kimlun Corporation Bhd is setting up an Islamic commercial papers (ICP) programme and an Islamic medium-term notes (IMTN) programme with a combined limit of up to RM800 million.

The engineering and construction services provider said it had received the acknowledgement receipts from the Securities Commission pursuant to OCBC Al-Amin Bank Bhd’s lodgements on its behalf.

In a filing with Bursa Malaysia today, it said the ICP programme had a tenure of up to seven years commencing from the date of the first issuance of the ICP while the IMTN programme’s tenure was perpetual.

"Proceeds raised from the sukuk Murabahah will be utilised by Kimlun and/or its subsidiaries for Shariah-compliant general corporate purposes of the group comprising the group’s working capital requirements, capital expenditures, investments, acquisitions and any other related expenses; and to refinance existing financing, which may include conventional borrowings of the group,” the company said. - Bernama

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