UEM Sunrise Completes RM500 Mln Islamic Medium-term Notes Issuance

KUALA LUMPUR, July 30 (Bernama) -- UEM Sunrise Bhd has completed the issuance of Islamic medium-term notes (IMTNs) worth RM500 million under its existing IMTN programme.

In a filing with Bursa Malaysia today, UEM Sunrise said the programme, together with the company’s existing Islamic commercial papers programme, has a combined aggregate limit of up to RM4 billion and is structured based on the shariah principle of murabahah via tawarruq arrangement.

The property developer said the new IMTNs were issued in two tranches, comprising RM200 million with a tenure of 10 years maturing on July 30, 2035 and RM300 million with a tenure of 12 years maturing on July 30, 2037. 

It added that the proceeds raised from the new IMTNs will be used for the company and its subsidiaries’ shariah-compliant general corporate purposes, including landbank and company acquisitions, investments; project development and infrastructure cost; capital and general expenditures, as well as refinancing of Islamic financing or outstanding loan facilities.

-- BERNAMA