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- NCT Group said the sukuk programme will enhance the group’s funding flexibility for its working capital needs and support its long-term growth strategy, while broadening its access to the domestic debt capital market.
KUALA LUMPUR (Nov 6): NCT Group of Companies said it launched its maiden RM1 billion sukuk wakalah programme on Thursday.
Malayan Banking Bhd (KL:MAYBANK) subscribed to the programme’s first tranche of up to RM390 million in unrated sukuk, the property development and construction group said in a statement.
NCT Group said the sukuk programme will enhance the group’s funding flexibility for its working capital needs and support its long-term growth strategy, while broadening its access to the domestic debt capital market.
“The sukuk programme will provide us with greater flexibility to pursue new opportunities, driving us into the next phase of growth as we continue to deliver developments that generate sustainable value for our stakeholders,” said NCT Group founder and group managing director Datuk Seri Yap Ngan Choy.
Maybank Investment Bank Bhd has been appointed as the programme’s sole principal adviser and sole lead arranger.
On a separate note, NCT Group also announced the groundbreaking of Phase 2 of its 732.5-acre NCT Smart Industrial Park (NSIP) in Selangor.
Phase 2 of the industrial park’s development carries an estimated gross development value of RM2.5 billion and is scheduled for completion in 2029.
“Given the scale and expectations of this project, we are determined to ensure that each phase is completed well within its time frame as we continue to shape the nation’s industrial future,” Yap said.
NSIP, NCT Group’s flagship project, is located within the Integrated Development Region in South Selangor.
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.
