STOCK SAHAM.CO

UEM Sunrise completes issuance of RM295 mil Islamic medium term notes

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KUALA LUMPUR: UEM Sunrise Bhd on Monday (Sept 19) said it has completed the issuances of a total of RM295 million in nominal value of Islamic medium term notes (IMTNs).

The group said the IMTN programme comes together with an Islamic commercial papers programme, and together they have a combined aggregate limit of up to RM4 billion in nominal value, based on the shariah principle of murabahah via tawarruq arrangement.

The new IMTNs have tenures of three years, which will mature on Sept 19, 2025; and five years, which will mature on Sept 17, 2027, said the property developer in a Bursa Malaysia filing.

The group added that the proceeds from the new IMTNs will be used for its subsidiaries’ shariah-compliant general corporate purposes.

They include acquisition of land banks and companies, investments, project development and infrastructure costs, as well as capital and general expenditures besides refinancing of Islamic financing and outstanding loan facilities.

UEM Sunrise’s share price closed half a sen or 1.8% lower at 28 sen, bringing a market capitalisation of RM1.42 billion.

Source : The Edge Markets

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