• CIMB Investment Bank Bhd, HSBC Amanah Malaysia Bhd and Maybank Investment Bank Bhd are the joint principal advisers and lead arrangers for the sukuk programme.

KUALA LUMPUR (Nov 1): Property developer Eco World Development Group Bhd (EcoWorld) has issued its maiden RM550 million Islamic bonds (sukuk) under its sukuk wakalah programme of RM1.2 billion. The funds will partly be used for working capital, capital expenditure and Shariah-compliant investments of EcoWorld and its subsidiaries.

The sukuk, which has a tenure of five years, will also be used for general corporate purposes of the group and/or of any joint ventures, as well as to refinance any existing borrowings.

In a Bursa Malaysia filing on Monday (Oct 31), EcoWorld said the RM1.2 billion sukuk programme, through its wholly owned subsidiary Eco World Capital Bhd, is guaranteed by EcoWorld and has been assigned a final credit rating of AA- IS(CG) with a stable outlook by local rating agency MARC Ratings Bhd.

CIMB Investment Bank Bhd, HSBC Amanah Malaysia Bhd and Maybank Investment Bank Bhd are the joint principal advisers and lead arrangers for the sukuk programme. Meanwhile, the three banks as well as RHB Investment Bank Bhd are the joint lead managers for the maiden sukuk issuance.

SHARE
RELATED POSTS
  1. EcoWorld’s 4QFY2022 earnings hit by impairment; declares two sen dividend
  2. EcoWorld says its unit will no longer hold shares in MySejahtera-linked MySJ
  3. SKB Shutters to set up plant in Eco Business Park V with RM36m land buy