KUALA LUMPUR: WCT Holdings Bhd
plans to establish an Islamic notes issuance programme with an aggregate nominal value of up to RM5 billion, comprising senior Islamic medium-term notes and/or subordinated perpetual Islamic notes based on the Shariah principle of Wakalah Bi Al-Istithmar.
In a filing with Bursa Malaysia, WCT said the sukuk wakalah programme shall have a perpetual programme tenure.
"The first issuance under the sukuk wakalah programme shall be made within 90 business days from the date of lodgement.
"The tenure of each senior sukuk wakalah to be issued shall be at least one year and up to such period to be determined prior to each issuance, while the tenure of each perpetual sukuk wakalah to be issued shall be perpetual,” the group said.
WCT said the senior sukuk wakalah and perpetual sukuk wakalah under the sukuk wakalah programme were assigned preliminary credit ratings of A+IS and A-IS, respectively, with a positive outlook, by MARC Ratings Bhd.
"Under the sukuk wakalahprogramme, WCT would also have the flexibility to issue sustainability sukuk wakalah and/or sustainability-linked sukuk wakalah,” it said.
The proceeds raised from the sukuk wakalah shall be utilised for working capital requirements, refinancing, to defray fees and costs, as well as to fund the sukuk trustee’s reimbursement account under the sukuk wakalah programme.
AmInvestment Bank Bhd and Maybank Investment Bank Bhd are the joint principal advisers, joint lead arrangers and joint lead managers for the sukuk wakalah programme.
AmBank Islamic Bhd and Maybank Islamic Bhd are the joint shariah advisers for the programme. - Bernama
