Cypark issues third tranche of perpetual sukuk

KUALA LUMPUR: Cypark Renewable Energy Sdn Bhd has issued the third tranche of its Perpetual Sukuk Musharakah of RM165mil in nominal value on an unsecured basis from the issuance size of up to RM265mil under its Perpetual Sukuk Musharakah Programme.

Cypark Renewable is a wholly-owned subsidiary of Cypark Resources Bhd.

In a filing with Bursa Malaysia, Cypark Resources said the proceeds raised from the Tranche 3 issuance would be utilised for working capital, capital expenditure, repayment of financing and borrowings, defraying costs and other expenses related to the issuance of the sukuk programme.

“The issuance has been subscribed in full by Jakel Capital Sdn Bhd, the major shareholder of the company, premised on market yields that were comparable to the previous issuances of the Perpetual Sukuk Musharakah Programme,” it said.

Cypark Resources said the completion of the Tranche 3 issuance also marks the completion of the Perpetual Sukuk Musharakah Programme. — Bernama

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