KUALA LUMPUR (Feb 16): UEM Sunrise Bhd has made its inaugural issuances of Islamic Commercial Papers (ICPs) and Islamic Medium Term Notes (IMTNs), with a nominal value of RM10 million and RM40 million respectively.

In a filing, the group said the new ICPs have a tenure of nine months and will mature on Nov 15, 2022, while the new IMTNs have a tenure of three years and will mature on Feb 14, 2025.

The issuances are pursuant to an ICP programme and IMTN programme established in 2021, said UEM.

The two sukuk programmes have a combined aggregate limit of up to RM4 billion in nominal value based on the shariah principles of murabahah (via tawarruq arrangement).

The proceeds from the new ICPs and IMTNs will be used by the group for acquisition of land banks and companies, as well as for investments, project development cost and infrastructure cost, capital expenditure, general expenditure and refinancing of loans.

UEM Sunrise’s share price closed one sen or 3.08% higher at 33.5 sen on Tuesday (Feb 15), giving the group a market capitalisation of RM1.69 billion.

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