Genting Plantations Unit Raises RM200 Mln In First Sukuk Murabahah Issuance

KUALA LUMPUR, July 31 (Bernama) -- Genting Plantations Bhd’s wholly owned subsidiary, Bina Restu Bhd, has completed its first issuance of RM200 million sukuk murabahah under its RM2 billion sukuk murabahah programme to finance the group’s property development activities.

In a filing with Bursa Malaysia, Genting Plantations said the sukuk murabahah, with a tenure of five years, was issued on July 31 under the Shariah principle of murabahah via the tawarruq arrangement and is unrated.

“The sukuk proceeds shall be utilised to finance and/or reimburse property development costs undertaken by the group,” it said.

The company said Bina Restu will advance the proceeds to Genting Plantations and/or its subsidiaries through Shariah-compliant intercompany advances.

It said proceeds raised under the RM2 billion programme may also be used to finance or reimburse property development costs and related activities, including land acquisition, working capital requirements and capital expenditure for property developments.

These proceeds may also be used to cover fees and expenses related to the programme, as well as to fund designated accounts where applicable, it added.

Public Investment Bank Bhd is the principal adviser and lead arranger for the programme, and also acts as lead manager for the RM200 million issuance.

-- BERNAMA