Glomac Completes Lodgement Of RM3.0 Bln Sukuk Wakalah Programme

KUALA LUMPUR, Aug 21 (Bernama) -- Glomac Bhd has completed the lodgement of its Islamic Medium Term Notes programme of up to RM3.0 billion in nominal value with the Securities Commission (SC) under the SC’s Guidelines on Unlisted Capital Market Products.

The programme is based on the Shariah principle of Wakalah Bi Al-Istithmar (Sukuk Wakalah).

In a filing with Bursa Malaysia today, Glomac said the Sukuk Wakalah programme, based on the Shariah principle of Wakalah Bi Al-Istithmar, will allow the issuer, from time to time, to issue unrated and rated Sukuk Wakalah whereby the aggregate outstanding nominal value of Sukuk Wakalah shall not exceed RM3.0 billion at any one time. 

“The Sukuk Wakalah programme shall have a perpetual tenure. The first issuance of the Sukuk Wakalah under the programme shall be made within 90 business days from the lodgement date and the tenure of each Sukuk Wakalah to be issued under the programme shall be more than one year,” it said. 

Glomac said the proceeds raised from the programme shall be utilised by the issuer and its subsidiaries to finance Shariah-compliant purposes, namely to finance land acquisition; to refinance existing borrowings or Shariah-compliant financing, and future Shariah-compliant financing including any outstanding Sukuk Wakalah.

The proceeds will also be utilised to fund capital expenditure, working capital requirements and other general corporate purposes; to finance the minimum required balance to be maintained in the Shariah-compliant finance service reserve account; and to defray fees, costs and expenses incurred or to be incurred in connection with the establishment of the Sukuk Wakalah programme. 

Maybank Investment Bank Bhd is the sole principal adviser, sole lead arranger, lead manager and sustainability structuring adviser for the Sukuk Wakalah programme while Maybank Islamic Bank Bhd is the Shariah adviser for the programme.

-- BERNAMA