KUALA LUMPUR: Sunsuria Bhd
has made a lodgement with the Securities Commission (SC) to establish an Islamic commercial papers (ICP) programme of up to RM500mil in nominal value.
In a Bursa Malaysia filing yesterday, the property developer said the programme provides the group with the flexibility to issue secured and/or unsecured, rated and/or unrated sukuk wakalah from time to time, subject to the aggregate outstanding nominal amount not exceeding RM500mil.
The lodgement was made under the SC’s lodge and launch framework.
The ICP programme has been assigned a preliminary rating of MARC-1IS by MARC Ratings Bhd.
Sunsuria said proceeds raised would be used to finance working capital, capital expenditure and general corporate purposes, and to repay and refinance existing borrowings, syariah-compliant financing, future sukuk issues and related establishment costs.
