KUALA LUMPUR: Pesona Metro Holdings Bhd
(PMHB) has successfully completed the issuance of its ASEAN Sustainability SRI Sukuk Wakalah through its 70 per cent-owned subsidiary, SEP Resources (M) Sdn Bhd.
The ASEAN Sustainability SRI Sukuk Wakalah of up to RM185 million in nominal value was issued in accordance with the Shariah principle of Wakalah Bi Al-Istithmar, the construction and trading group said in a filing with Bursa Malaysia today.
PMHB said the proceeds from the Sukuk will be allocated for several key purposes, including the early redemption of SEP Resources’ outstanding obligations related to the Universiti Malaysia Perlis (UniMAP) Hostel Project.
"This step is in accordance with the Pesona ASEAN Sustainability SRI Sukuk Wakalah Framework, which also includes an early redemption premium.
"Additionally, the funds will be used to prefund the Finance Service Reserve Account Minimum Required Balance and to cover issuance fees and expenses,” it said.
Meanwhile, the remaining balance will be allocated to subscribe to the new Murabahah stocks issued by Budaya Positif Sdn Bhd (BPSB).
"This strategic move will enable BPSB to provide Shariah-compliant intercompany advances to PMHB and its subsidiaries, facilitating financing for projects that meet the eligibility criteria outlined in the Sukuk Framework,” it added.
The company said the ASEAN Sustainability SRI Sukuk Wakalah is secured against a list of securities, including a corporate guarantee from PMHB and has been accorded a preliminary long-term rating of AA1 (with a stable outlook) by RAM Rating Services Bhd.
MIDF Amanah Investment Bank Bhd and Public Investment Bank Bhd are the joint principal advisers, lead arrangers and lead managers for the ASEAN Sustainability SRI Sukuk Wakalah. - Bernama
