PETALING JAYA: Sunway Bhd
has lodged the required documents with the Securities Commission to establish a multi-currency Islamic medium-term notes programme of up to RM10bil in nominal value, based on the syariah principle of Wakalah Bi Al-Istithmar (sukuk wakalah programme).
In a filing with Bursa Malaysia, Sunway said the sukuk wakalah programme will be issued by Sunway Treasury Sdn Bhd, a wholly owned subsidiary of Sunway City Sdn Bhd, which is in turn a wholly owned subsidiary of the group.
The sukuk wakalah programme, which is based on the syariah principle of Wakalah Bi Al-Istithmar, has a perpetual tenure, with each tranche to have a maturity of more than one year from its respective issue date.
The programme also allows for the issuance of both rated and unrated sukuk.
Sunway said the first issuance under the programme will be irrevocably and unconditionally guaranteed by the group through a corporate guarantee.
