KUALA LUMPUR (March 24): Eco World Development Group Bhd (EcoWorld) said its wholly-owned subsidiary Eco World Capital Services Bhd has established a sukuk wakalah programme of RM500 million in nominal value.

The subsidiary today issued RM180 million worth of sukuk wakalah with a tenure of five years under the programme.

EcoWorld said in a bourse filing that the sukuk wakalah programme is unrated and secured by, among others, a corporate guarantee by the group.

Proceeds from the sukuk issuance will be used for repayment of several identified existing borrowings and working capital requirements.

They may also go towards general corporate purposes, refinancing of any existing borrowings or future financing obligations, the group said.

CIMB Investment Bank Bhd and RHB Investment Bank Bhd are the joint principal advisers and joint lead arrangers for the sukuk programme, as well as the joint lead managers for the sukuk issuance.

EcoWorld shares closed 1.5 sen or 2.46% higher at 62.5 sen, valuing the group at RM1.8 billion.

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