KUALA LUMPUR, Dec 23 — Puncak Niaga Holdings Bhd’s indirect subsidiary, Danum Sinar Sdn Bhd (DSSB), has lodged with the Securities Commission Malaysia (SC) for the proposed establishment of Islamic medium term notes programme (Sukuk Murabahah) of up to RM300 million in nominal value.

DSSB is a wholly-owned subsidiary of Danau Semesta Sdn Bhd, which is 90 per cent-owned by Murni Estate Sdn Bhd, which in turn is a wholly-owned subsidiary of Puncak Niaga.

The Sukuk Murabahah Programme, which has a perpetual programme tenure, provides DSSB with the flexibility to issue, from time to time, rated and/or unrated Sukuk Murabahah subject to the aggregate outstanding nominal value of RM300.0 million.

"DSSB intends to issue the first tranche of up to RM50.0 million only in nominal value under the Sukuk Murabahah Programme,” Puncak Niaga said in a filing to Bursa Malaysia.

The proceeds will be utilised to partly finance DSSB’s new plantation development expenditure, construction of plantation mill, for working capital requirements, as well as to pay all fees and expenses in relation to the sukuk programme. — Bernama