Varia Proposes To Set Up RM3 Bln Sukuk Murabahah Programme

KUALA LUMPUR, Oct 8 (Bernama) -- Varia Bhd plans to raise up to RM3 billion through the proposed issuance of Islamic medium term notes (IMTNs).

The construction and property development company said it has lodged the required information and relevant documents for the sukuk murabahah programme of up to that amount with the Securities Commission Malaysia.

The sukuk murabahah programme will have a perpetual tenure while the IMTNs issued under it will have a tenure of one year to 30 years, it said in a filing with Bursa Malaysia today.

Varia said the proceeds from the issuance will be used for shariah-compliant purposes, including financing capital expenditure, refinancing existing or future shariah-compliant indebtedness, working capital, as well as projects, investments and asset development.

Bank Islam Malaysia Bhd has been appointed as the principal adviser, lead arranger, lead manager, facility agent, and shariah adviser for the sukuk murabahah programme.

-- BERNAMA