KUALA LUMPUR (Oct 8): Sunsuria Bhd plans to issue up to RM500 million worth of Islamic medium terms notes or sukuk wakalah.

The tenure of the Sukuk Wakalah Programme will be up to 30 years, said Sunsuria in a filing to the stock exchange, adding that the programme has been assigned a preliminary rating of A+IS with a stable outlook by Malaysian Rating Corp Bhd.

Sunsuria said the proceeds raised from the sukuk will be used to finance capital expenditure, working capital requirements and investments, as well as for general corporate purposes.

It will also be used to refinance the existing borrowings and future financing of the group, it added.

Maybank Investment Bank Bhd is the sole principal adviser, sole lead arranger and sole lead manager for the Sukuk Wakalah Programme, while Maybank Islamic Bhd is the shariah adviser.

Newfields Advisors Sdn Bhd, on the other hand, is the financial adviser for the programme.

Sunsuria shares closed half a sen or 1.16% lower at 42.5 sen yesterday, valuing the property developer at RM380.76 million. Over the past year, the counter has fallen by 34.6% from 65 sen.

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