KUALA LUMPUR: Genting Plantations Bhd
’s wholly owned subsidiary, Benih Restu Bhd, has undertaken its first issuance of RM1.2bil in nominal value of Islamic medium-term notes (sukuk wakalah) under the sukuk wakalah programme of RM2bil in nominal value of the syariah principle of wakalah bi al-istithmar.
In a filing with Bursa Malaysia yesterday, it said the sukuk wakalah issued has a tenure of 10 years at a profit rate of 4.08% per annum.
“Benih Restu shall advance the proceeds from the issuance of the sukuk wakalah to Genting Plantations and/or its subsidiaries via syariah-compliant intercompany advances,” it said.
It said the group would thereafter apply the proceeds for syariah-compliant purposes of operating expenses; capital expenditure, investment, refinancing of existing borrowings, and existing syariah-compliant financing facilities and/or future syariah-compliant financing facilities.
The group also said the proceeds would be utilised for working capital requirements, general funding requirements and/or other general corporate purposes of the group.It includes oil palm plantation development and operations, palm oil processing, property development and property investment, biotechnology research and development of plantation crop improvement applications as well as any other new business activities within the group.
“AmInvestment Bank Bhd, Hong Leong Investment Bank Bhd, OCBC Al-Amin Bank Bhd and Public Investment Bank Bhd are the joint principal advisers and joint lead arrangers for the sukuk wakalah programme,” it said. — Bernama
