A general view of the Sime Darby Property headquarters in Petaling Jaya October 2, 2019. — Reuters pic

KUALA LUMPUR, Dec 3 — Sime Darby Property Bhd today made its first issuance of Sukuk Musharakah under its RM4.5 billion Sukuk Musharakah Programme with a total issue size of RM800 million.

In a filing with Bursa Malaysia, the company said the sukuk issuance comprised RM150 million Asean Sustainability SRI Sukuk Musharakah with a tenor of five years, RM500 million Sukuk Musharakah with a tenor of seven years, and RM150 million Sukuk Musharakah with a 10-year tenor.

The proceeds from the issuance of the Sukuk Musharakah are all shariah-compliant and will be used to finance the Sime Darby Property group’s future investments and/or capital expenditure.

The company said it would also be utilised for the group’s working capital requirements and general corporate purpose and/or to refinance debt obligations.

Meanwhile, the proceeds from the issuance of the Asean Sustainability SRI Sukuk Musharakah will be used to meet the criteria as set out in Sime Darby Property’s Sustainability Sukuk Framework.

It will be following guidelines or frameworks or standards, as amended from time to time under which such Asean Sustainability SRI Sukuk Musharakah are issued.

Malaysian Rating Corporation Bhd has assigned a final credit rating of AA+IS with a stable outlook to Sime Darby Property’s Sukuk Musharakah Programme. — Bernama