Sunsuria proposes to raise up to RM500m via sukuk

• “The ICP programme has been assigned a preliminary rating of MARC-1IS by MARC Ratings Bhd,” Sunsuria said in a bourse filing on Wednesday.

KUALA LUMPUR (Sept 17): Sunsuria Bhd (KL:SUNSURIA) has proposed the establishment of an Islamic commercial paper (ICP) programme of up to RM500 million in nominal value.

The property developer said the programme will allow it to issue sukuk wakalah—secured or unsecured, rated or unrated—from time to time, with total outstanding issuances capped at RM500 million.

“The ICP programme has been assigned a preliminary rating of MARC-1IS by MARC Ratings Bhd,” Sunsuria said in a bourse filing on Wednesday.

Proceeds from the ICP programme will be used to finance working capital, capital expenditure, corporate purposes, repayment and refinancing of borrowings, shariah-compliant financing, future sukuk issues, and related establishment costs. “All proceeds raised under the ICP programme shall at all times be utilised for shariah-compliant purposes,” it added.

Hong Leong Investment Bank Bhd has been appointed as the principal adviser, lead arranger, lead manager, and facility agent for the programme.

Shares in Sunsuria closed down half a sen or 1.3% at 38 sen on Wednesday, valuing the group at RM340.4 million.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.