PETALING JAYA: Genting Plantations Bhd
's (GENP) wholly-owned subsidiary, Genting Property Sdn Bhd, through Bina Restu Bhd, has successfully raised RM200mil via Islamic medium-term notes (Sukuk Murabahah).
This issuance forms part of a larger RM2bil sukuk programme, and the proceeds will be advanced to Genting Property Sdn Bhd (guarantor) and the GENP group via Shariah-compliant intercompany advances.
GENP noted in a filing with Bursa Malaysia that the sukuk carries a five-year tenure and is unrated.
This is the first issuance under the sukuk programme, and proceeds will be used to finance and reimburse property development costs undertaken by the GENP group.
Public Investment Bank Bhd acted as the principal adviser, lead arranger, and lead manager for both the programme and the inaugural issuance.
