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Sunday, 24 August 2014

Malaysia: Sunway gets approval for RM2b sukuk programme

KUALA LUMPUR, Aug 22 — Sunway Treasury Sukuk Sdn Bhd has received authorisation from the Securities Commission Malaysia (SC) to establish an Islamic commercial paper/medium term note (MTN) programme of up to RM2 billion. 

Sunway Treasury Sukuk, a special purpose vehicle, is wholly-owned by Sunway Treasury Sdn Bhd, which in turn is wholly-owned by Sunway Bhd.
Pursuant to the sukuk programme, Sunway Treasury could issue Islamic commercial papers and/or Islamic MTN under the Shariah principle of Mudharabah.
“The sukuk programme shall have a tenure of up to seven years from the date of the first issuance and proceeds shall be utilised to finance investment activities, capital expenditure, working capital requirements and repay future borrowings,” Sunway said in a filing to Bursa Malaysia.
The company would also utilise RM30,000 to fund the Trustee’s Reimbursement Account as required under the SC’s Trust Deed Guidelines.
(Malay mail Online / 22 August 2014)
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