VS Industry's unit proposes to issue up to RM1bil Islamic MTN

KUALA LUMPUR: VS Industry Bhd’s wholly-owned subsidiary, VS Capital Management Sdn Bhd (VSCM) has proposed to issue Islamic Medium Term Notes of up to RM1 billion in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar.

The Sukuk Wakalah Programme will be guaranteed by VS Industry, the electronics manufacturing services provider said in a filing with Bursa Malaysia today.

The company said VSCM has made a lodgement with the Securities Commission Malaysia (SC) for the establishment of the Sukuk Wakalah Programme pursuant to the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework.

Proceeds from the issuance will be utilised for working capital requirements, capital expenditure (capex), investments and/or general corporate purposes of VS Industry.

Funding for the working capital requirements will be set aside for manufacturing, assembly and sale of electronic and electrical products and plastic moulded components and parts, while the capex requirements include the acquisition of land and building and the purchase of plant and machinery.

Under the general corporate purposes, VS Industry will allocate the funding for its refinancing/repayment of existing borrowings/financings/corporate bonds/Sukuk issues and/or future Shariah-compliant financing. - Bernama

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