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Wednesday, 17 August 2016

Malaysia: Ekovest to issue RM3.64b Sukuk for expressway

KUALA LUMPUR: Ekovest Bhd is set to issue the largest ringgit-denominated Sukuk wakalah of RM3.64bil to fund its Setiawangsa-Pantai Expressway (SPE) project.

The toll road project,formerly known as the DUKE phase 3, will cost RM3.9bil with a 53 year concession period with the government.

"The issuance of Sukuk wakalah for the SPE will be among the largest issuance for a new highway construction project as well as among the highest rates AA-sukuk so far in 2016.

"The project will also be the first public private partnership project to use the government's reimbursement interest assistance (RIA) as part of the financing structure," said Minister of Finance II, Datuk Johari Abdul Ghani at the signing ceremony of the Sukuk wakalah for the SPE project.
Part of the funding of the SPE project would come from a RM560mil interest free government RIA and RM850mil equity by Ekovest. 
"Securing the financing for the SPE was the last piece of the puzzle for project. This would be the largest project that Ekovest group will undertake to date," said Ekovest managing director Datuk Seri KC Lim on Tuesday.

AmInvestment Bank Bhd is the principal advisor and lead arranger for the sukuk. The joint lead managers and joint bookrunners are AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd.

(The Star Online / 16 August 2016)
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