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- HCK Capital said the programme, undertaken by its wholly owned subsidiary HCK Cap Access Bhd, will involve the issuance of senior sukuk and perpetual sukuk.
KUALA LUMPUR (April 30): Property developer HCK Capital Group Bhd (KL:HCK) said it has lodged the necessary documents with the Securities Commission Malaysia (SC) to establish a sukuk wakalah programme of up to RM2 billion in value.
In a bourse filing on Wednesday, HCK Capital said the programme, undertaken by its wholly owned subsidiary HCK Cap Access Bhd, will involve the issuance of senior sukuk and perpetual sukuk.
The company said MARC Ratings Bhd has assigned a final credit rating of AIS to the senior sukuk, which is guaranteed by the company's subsidiaries including HCK Properties Sdn Bhd, Global Activate Sdn Bhd and Aspen Entity Sdn Bhd.
Meanwhile, the perpetual sukuk remains unrated and is not guaranteed.
"The proceeds of the sukuk wakalah shall be utilised by HCK Cap Access to invest in the wakalah investments and shall be advanced by HCK Cap Access to HCK Capital, as the obligor of the sukuk wakalah programme via shariah compliant inter-co financing," said HCK Capital.
CIMB Investment Bank Bhd is the sole principal adviser, sole lead arranger and joint lead manager for the sukuk programme. CIMB Islamic Bank Bhd is the shariah adviser while Alliance Islamic Bank Bhd is the joint lead manager for distribution.
Shares of HCK Capital closed up two sen or 0.9% at RM2.15 on Wednesday, giving a market capitalisation of RM1.34 billion. The counter has increased 2.87% so far this year.
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