UEM Sunrise completes issuance of RM255m Islamic medium term notes

• They include acquisition of land banks and companies, investments, project development and infrastructure costs, capital and general expenditures, as well as refinancing of Islamic financing and outstanding loan facilities.

KUALA LUMPUR (Jan 31): UEM Sunrise Bhd said it has completed the issuances of a total of RM255 million in nominal value of Islamic medium term notes (IMTN).

The group said the IMTN programme comes together with an Islamic commercial papers programme, which together have a combined aggregate limit of up to RM4 billion in nominal value, based on the shariah principle of murabahah via tawarruq arrangement.

The new IMTN has tenures of three years, which will mature on Jan 30, 2026, the property developer said in a bourse filing on Monday (Jan 30).

Proceeds from the new IMTN will be used for the group and its subsidiaries' shariah-compliant general corporate purposes, it said.

They include acquisition of land banks and companies, investments, project development and infrastructure costs, capital and general expenditures, as well as refinancing of Islamic financing and outstanding loan facilities.