CMS redeems Islamic MTN, rated AA3/stable for group sukuk programme
KUALA LUMPUR, May 13 (Bernama) -- Cahya Mata Sarawak Bhd (CMS) has paid in full its Islamic Medium-Term Notes of RM500.0 million in nominal value on its scheduled maturity date of May 5, 2022 via internal funds.
With the redemption, there are no outstanding Islamic Medium-Term Notes under its sukuk programme of up to RM2.0 billion in nominal value, CMS said in a statement today.
Sarawak's only cement maker said the group’s sukuk programme was also assigned an AA3/Stable by RAM Rating Services Bhd.
The reaffirmation reflects RAM Ratings’ expectation that CMS’s operating performance will gradually improve as it directly benefits from the pick-up in Sarawak’s construction activities.
CMS made its first sukuk issuance on May 5, 2017 amounting to RM500 million to mainly finance its capital expenditure and working capital requirements.
Moving forward, the group will be looking to tap into more environmental, social, and governance-based funds to match its long-term funding requirements on its related projects and improve earnings across the business verticals.
-- BERNAMA
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