YNH PROPERTY TO ESTABLISH IMTN PROGRAMME OF UP TO RM700 MLN
KUALA LUMPUR, Nov 26 -- YNH Property Bhd has made a lodgement with the Securities Commission Malaysia (SC) to establish an Islamic Medium Term Notes (IMTN; Sukuk Wakalah) programme of up to RM700 million in nominal value.
In a filing with Bursa Malaysia today, the company said the Sukuk Wakalah programme is structured based on the Shariah principle of Wakalah Bi Al-Istithmar, and accords the company the flexibility to issue secured or unsecured Sukuk Wakalah from time to time.
“The Sukuk Wakalah programme has been assigned a preliminary rating of A+IS by Malaysian Rating Corporation Bhd,” it said.
According to YNH Property, the proceeds from the issuance would be utilised to repay existing financing/ borrowings of the secured properties, and defraying fees, costs and expenses in relation to the issuance of the Sukuk Wakalah and Sukuk Wakalah programme.
The remaining proceeds would be used for capital expenditure and/or investments, working capital and to refinance existing financing/borrowings, it added.
HSBC Amanah Malaysia Bhd is the sole principal adviser, lead arranger and Shariah adviser for the Sukuk Wakalah programme, whereas CIMB Investment Bank Bhd and HSBC Amanah are the joint lead managers for the sukuk programme.
-- BERNAMA
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