UEM Sunrise completes RM340 mil Islamic medium-term notes issuance

• The notes were part of an IMTN programme which along with an Islamic commercial papers programme have a combined aggregate limit of up to RM4 billion in nominal value.

KUALA LUMPUR (April 14): UEM Sunrise Bhd has completed the issuance of RM340 million in nominal value Islamic medium-term notes (IMTNs).

The notes were part of an IMTN programme which along with an Islamic commercial papers programme have a combined aggregate limit of up to RM4 billion in nominal value.

In a filing with Bursa Malaysia on Friday (April 14), the property developer said the new IMTNs were issued in three tranches with tenures of one year, two years and five years.

The new IMTNs will mature on April 15, 2024, April 14, 2025 and April 14,  2028.

UEM Sunrise said the proceeds from the new IMTNs will be utilised for the group and its subsidiaries’ shariah-compliant general corporate purposes which includes acquisition of land banks and companies.

The proceeds will also be used for investments into the group's subsidiaries, associates and joint-venture companies, and to fund project development cost and infrastructure cost, capital and general expenditure, as well as refinancing of Islamic financing and outstanding loan facilities.

UEM Sunrise shares gained 1.85% or half sen to 27.5 sen, valuing the group at RM1.37 billion.