KUALA LUMPUR: DRB-Hicom Bhd has issued RM715mil in nominal value of Sukuk Musharakah, which is the first issuance under its RM2bil Sukuk programme.
DRB-Hicom said on Tuesday the programme was accorded a final rating of AIS by Malaysian Rating Corporation Bhd with a stable outlook.
It said the RM715mil Sukuk comprised of RM415mil under tranche one and RM300mil under tranche two. The tenure is perpetual.
The call date for tranche one is Dec 30, 2019 and each subsequent periodic distribution date thereafter.
As for tranche two, the call date is Dec 30, 2021 and each subsequent periodic distribution date thereafter.
DRB-Hicom said the net proceeds from the first issuance of the Sukuk Musharakah would be used for Shariah-compliant purposes.
They include for the company’s investments (purchase of shares, lands, buildings and property; and development and construction costs and working capital of existing and future projects.
The proceeds would also be used to provide advances to the subsidiaries; and working capital, as well as refinancing outstanding borrowings/financings that are utilised for Shariah-compliant purposes.
CIMB Investment Bank Bhd was the sole principal adviser, lead arranger and lead manager for the programme.
(The Star Online / 30 December 2014)
---Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com
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