UEM Sunrise completesRM500mil Islamic MTN issuances

KUALA LUMPUR: UEM Sunrise Bhd has successfully completed the issuance of RM500 million in nominal value Islamic medium-term notes (IMTN).

The group noted that the new issuance, together with an Islamic commercial papers programme, shall have a combined aggregate limit of up to RM4.0 billion in nominal value, based on the shariah principle of Murabahah, via a tawarruq arrangement.

In a filing with Bursa Malaysia today, UEM said the new IMTN were issued in three tranches.

"The first tranche of RM200 million has a tenure of five years and will mature on Feb 12, 2029, the second tranche of RM100 million has a tenure of seven years and will mature on Feb 14, 2031, and the third tranche of RM200 million has a tenure of 10 years and will mature on Feb 14, 2034,” it noted.

UEM said the proceeds from the new IMTN would be utilised for UEM Sunrise and/or its subsidiaries’ Shariah-compliant general corporate purposes.

"These include the acquisition of new land banks, acquisition of company(ies), investments including capital injections into UEM Sunrise’s subsidiaries, associates and joint ventures companies, project development cost and infrastructure cost, capital expenditure, general expenditure, and refinancing of Islamic financing/ outstanding loan facilities,” the group added. - Bernama