KUALA LUMPUR, Sept 24 — Mah Sing Group Bhd plans to issue up to RM100 million nominal value of seven-year redeemable convertible sukuk murabahah for investments and working capital purposes.
In a filing with Bursa Malaysia today, the property developer said the Islamic medium-term notes may be issued on a direct or private placement on a best effort basis without a prospectus to investors.
“The sukuk murabahah can be converted into new ordinary shares in Mah Sing from the issue date of the sukuk until the maturity date,” it said.
The company has earmarked RM95 million of the gross proceeds for financing business investments and the remaining five per cent would be for general working capital.
The proposed sukuk murabahah, with a conversion price of 75.5 sen, will not have any immediate effect on the existing issued and paid-up share capital of the company.
“However, if and when the sukuk murabahah is converted in the future, the share capital of Mah Sing will increase accordingly,” it said.
Hong Leong Investment Bank Bhd has been appointed as the principal adviser, lead arranger, lead manager, and lodgement party for the programme.
Mah Sing completed the first issuance of secured and unrated sukuk murabahah of RM600 million in nominal value under its RM1 billion sukuk murabahah programme on March 13, 2020.
The counter closed two sen higher today at 68 sen. — Bernama
