Share
- The funds may also be used to finance projects, investments and asset acquisitions, as well as cover related fees and expenses, according to its filing with Bursa Malaysia on Wednesday.
KUALA LUMPUR (Oct 8): Varia Bhd (KL:VARIA) has lodged a sukuk murabahah programme of up to RM3 billion with the Securities Commission Malaysia.
The construction and property development group said proceeds from the sukuk will be channelled towards financing capital expenditure, refinancing existing or future shariah-compliant and/or outstanding conventional borrowings, working capital needs and other corporate purposes.
The funds may also be used to finance projects, investments and asset acquisitions, as well as cover related fees and expenses, according to its filing with Bursa Malaysia on Wednesday.
As at end-June, Varia’s short-term borrowings stood at RM70.17 million, with long-term borrowings of RM61.82 million. It held RM6.68 million in cash and bank balances, alongside RM19 million in deposits placed with licensed banks.
For the financial year ended June 30, 2025, the group’s finance cost jumped 53% to RM7.9 million from RM5.15 million a year earlier.
According to Varia, the sukuk programme allows for multiple issuances of rated and/or unrated Islamic medium-term notes (IMTNs).
The programme carries a perpetual tenure, with IMTNs to be issued for periods of between one and 30 years.
Bank Islam Malaysia Bhd is the principal adviser, lead arranger, lead manager, facility agent and shariah adviser for the programme.
Shares of Varia rose one sen or 1.56% to close at 65 sen on Wednesday, giving the construction and property development outfit a market capitalisation of RM281.82 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.
