Paramount establishes RM800m 20-year sukuk programme

KUALA LUMPUR (Dec 29): Paramount Corp Bhd has established a 20-year unrated Islamic Medium Term Notes (Sukuk Murabahah) Programme of up to RM800 million in nominal value.

In a filing with Bursa Malaysia yesterday, Paramount said proceeds from the programme will be used to finance its acquisition of land, investment assets, property development projects, refinance existing and future borrowings, and/or to fund its working capital.

Its wholly-owned subsidiary Paramount Capital Resources Sdn Bhd made a lodgement to the Securities Commission Malaysia to establish the programme.

Public Investment Bank Bhd is the principal adviser, lead arranger, security agent and facility agent, whilst Amanie Advisors Sdn Bhd is the syariah adviser for the Sukuk Murabahah Programme.

Paramount’s share price gained two sen or 0.99% to close at RM2.03 today, giving it a market capitalisation of RM869.39 million. — theedgemarkets.com

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