KUALA LUMPUR: Kami Builders Sdn Bhd, a wholly-owned subsidiary of Wawasan QI Properties Sdn Bhd, has issued RM90mil in Tranche 1 SRI sukuk murabahah under its newly established RM300mil ASEAN Sustainability SRI Sukuk Programme.
It said the funds will go towards the development of a new university campus in Ipoh.
The programme is structured on the Shariah principle of Murabahah via Tawarruq and carries a tenure of 30 years with Tranche 1 maturing in five years.
Proceeds from the Sukuk issuance will finance the construction of Quest International University’s (QIU) new campus on a 10-acre site in Gunung Lang, Ipoh.
Kami Builders director Shekhar Balasubramaniam said the sukuk represents a powerful convergence of sustainable investment and social mobility.
"By backing the development of Quest International University, our investors are directly anchoring the future of Perak, channeling Islamic capital into a transformative ecosystem that yields both financial resilience and measurable socio-economic upliftment for the communities we serve," he said in a statement.
Public Investment Bank Bhd acted as the sole principal adviser, lead arranger, lead manager and facility agent for the sukuk programme, while Amanie Advisors Sdn Bhd served as the shariah adviser.
Kami Builders said the offering drew strong interest from institutional investors, including, asset managers and financial institutions.
The Tranche 1 SRI sukuk murabahah has been assigned the highest investment grade rating of AAA(s) by RAM Ratings.
“QIU was one of our most deliberate, a decision to commit capital to Malaysia’s education sector at a time when the opportunity was clear, but the work was long. This sukuk, backed by institutional demand, tells you everything about our confidence in that decision. The market has confirmed it,” said QI Group founder and executive chairman Datuk Seri Vijay Eswaran.
