Al-‘Aqar REIT Lodges Sukuk Programmes With Combined Limit Of RM3 Bln
KUALA LUMPUR, Oct 8 (Bernama) -- Al-‘Aqar Healthcare REIT (Al-`Aqar REIT) has lodged sukuk programmes with the Securities Commission Malaysia, with a combined nominal value of up to RM3 billion.
In a filing with Bursa Malaysia today, its manager, JLG REIT Managers Sdn Bhd, said Al-‘Aqar Capital Sdn Bhd, a special purpose vehicle wholly owned by Al-’Aqar REIT via Amanahraya Trustees Bhd, its trustee, lodged the programmes.
The programmes comprise a Sukuk Wakalah Programme of up to RM3 billion in nominal value and an Islamic commercial papers (ICP) programme of RM300 million in nominal value, subject to the combined limit.
The Sukuk Wakalah Programme allows for the issuance of senior Islamic medium-term notes and/or subordinated perpetual Islamic notes, while the ICP Programme allows for the issuance of Islamic commercial papers, based on the shariah principle of Wakalah Bi Al-Istithmar.
“Proceeds raised under the programmes would be utilised by the issuer to advance to Al-‘Aqar REIT to finance its investment activities, refinance existing and/or future Islamic financing, and/or fund its working capital and general corporate requirements.
“The proceeds would also be used to refinance all maturing Sukuk Wakalah and Sukuk Wakalah-ICP under the programmes, fund the requisite deposit in the sukuk trustee’s reimbursement account and/or defray relevant expenses incurred under the programmes and subsequent issuances,” it added.
The Sukuk Wakalah Programme would have a perpetual tenure, while the ICP Programme would have a tenure of seven years.
Issuances under the programmes may be rated and/or unrated, which would be determined prior to each issuance.
“The Sukuk Programmes also allow for the issuance of Sukuk Wakalah and/or Sukuk Wakalah-ICP in sustainability and/or sustainability-linked format,” it said.
Maybank Investment Bank Bhd and OCBC Al-Amin Bank Bhd are the joint principal advisers and joint lead arrangers for the programmes, while Maybank Islamic Bhd is the shariah adviser.
-- BERNAMA