George Kent Malaysia lodges RM500m Sukuk Wakalah programme

KUALA LUMPUR, Jan 14 — George Kent (Malaysia) Bhd has lodged its Sukuk Wakalah programmes with the Securities Commission (SC) Malaysia, and will utilise the proceeds to finance investments, capital expenditure and working capital requirements.

In a filing to Bursa Malaysia today, the group said the Islamic Commercial Papers (ICP) and Islamic Medium Term Notes (IMTN) programme, with a combined aggregate limit of up to RM500 million in nominal value, is based on the Shariah principle of Wakalah Bi Al-Ist.

“We will also utilise the proceeds to refinance existing borrowings or financing and also to refinance future Islamic financing which include any outstanding Sukuk Wakalah,” it said.

The ICP programme will have a tenure of seven years from the date of its first issue under the ICP programme which shall be made within 60 business days from the date of the lodgment with the SC.

The ICP Programme has been assigned a preliminary rating of MARC-1, with a stable outlook by Malaysian Rating Corporation Bhd.

The IMTN programme, meanwhile, will have a tenure of 30 years from the date of its first issue under the IMTN programme which shall be made within 60 business days from the date of the lodgment with the SC. — Bernama

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