Wednesday, 27 May 2020
BUSINESS
20/05/2020 03:29 PM

KUALA LUMPUR, May 20 -- Country Garden Real Estate (CGRE) has successfully issued three tranches of Islamic Sukuk for a total of RM495 million in March, with the longest tenure among them being seven years.

These issuances are reflection of the positive reception of the Company's most significant project, ‘Forest City’, as well as demonstration of confidence that Malaysian capital markets have in both Country Garden Group and CGRE’s long term growth in Malaysia.

According to a statement, this is also shown by RAM Ratings that in September 2019 reaffirmed the AA3/Stable rating of CGRE’s Islamic Medium-Term Note (IMTN) Program.

CGRE’s IMTN Programme was set up in 2015, which was the first ever Ringgit Sukuk issued by a China-related corporate entity. It was bestowed with the Triple-A Islamic Finance Awards 2016 by The Asset and the League Awards 2016 by RAM.

Forest City Johor, which is located adjacent to Singapore and situated in the Iskandar Special Zone of Johor, is currently the Group’s largest overseas project. To this date, the basic infrastructure of the Forest City has already been developed in scale.

Country Garden Malaysia has considerable liquidity and a healthy balance. Sales have remained resilient across all projects, and they are in line with the Group’s encouraging recent announcement of its financial performance report. 

Malaysia is currently one of the world’s biggest markets for Islamic finance. Sukuks are Islamic financial certificates (similar to a bond), that complies with Islamic religious law commonly known as Syariah. 

-- BERNAMA

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