KUALA LUMPUR (March 22): Sunway Real Estate Investment Trust has proposed to establish a RM10 billion perpetual note programme for the financing of investment activities, refinancing of existing and future borrowings, and working capital.

In a filing to Bursa Malaysia, Sunway REIT said its special purpose company, SunREIT Perpetual Bond Bhd (SPBB), has proposed to set up the programme.

The REIT said the required information and relevant documents in relation to the programme were submitted to the Securities Commission Malaysia yesterday.

The REIT expected the first issuance of perpetual notes to be undertaken by the second quarter of 2019.

HSBC Bank Malaysia Bhd and Kenanga Investment Bank Bhd are the joint principal advisers, as well as lead arrangers and managers for the programme.

Sunway REIT closed unchanged yesterday at RM1.77, valuing the REIT at RM5.21 billion. Some 5.29 million units were traded.

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