Sime Darby Property Issues RM800 Mln Sukuk Musharakah

KUALA LUMPUR, April 29 (Bernama) -- Sime Darby Property Bhd has successfully issued RM800 million under the third issuance of the sukuk musharakah programme.

The property developer said in a filing with Bursa Malaysia today that MARC Ratings Bhd has affirmed the AA+IS rating of its sukuk musharakah programme with a stable outlook.

Sime Darby Property said the sukuk issuance consists of RM200 million with a seven-year tenor, RM100 million with a 10-year tenor and RM500 million with a 15-year tenor.

The proceeds from the issuance of the sukuk musharakah shall be utilised to finance Sime Darby Property Group’s future investments, capital expenditure or its working capital requirements, and general corporate purposes and, if required, to refinance debt obligations.

“In any case, all utilisation of funds shall be shariah compliant,” it said.

Maybank Investment Bank (IB) Bhd is the sole principal adviser and lead arranger for the sukuk musharakah programme, while CIMB Investment Bank Bhd, Maybank IB and OCBC Al-Amin Bank Bhd are the joint lead managers for the sukuk issuance.

-- BERNAMA