KUALA LUMPUR: Eco World Development Group Bhd
’s wholly-owned subsidiary, Eco World Perpetual Capital Bhd, has established a rated Perpetual Sukuk Wakalah Programme with a nominal value of RM2.0 billion.
The entire RM2.0 billion programme is guaranteed by EcoWorld and has been assigned a final credit rating of A IS(CG) with a stable outlook by MARC Ratings Bhd.
The company noted that the subsidiary has also successfully completed the first issuance under the programme, raising RM800.0 million, according to a filing with Bursa Malaysia today.
The proceeds from the RM800.0 million Perpetual Sukuk issuance will be utilised by EcoWorld and its group entities for working capital requirements, investments, acquisitions and capital expenditures; refinancing or repayment of existing debt or future Shariah-compliant financing; and/or general corporate purposes, it said.
"The RM800.0 million Perpetual Sukuk Issuance comprises two tranches. Tranche 1, totalling RM550.0 million, was issued on a perpetual basis and non-callable for seven years with the first optional redemption date after seven years.
"Tranche 2 amounts to RM250.0 million, issued on a perpetual basis and non-callable for 10 years, with the first optional redemption date after 10 years,” it added. - Bernama
