UEM Sunrise undertakes sukuk programmes with combined limit of RM4b

KUALA LUMPUR (Oct 7): Property developer UEM Sunrise Bhd has lodged information with the Securities Commission regarding its Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined aggregate limit of up to RM4 billion in nominal value.

In a bourse filing Wednesday, it said, the sukuk murabahah programmes will give UEM Sunrise the flexibility to raise funds via the issuance of ICP and IMTN from time to time.

According to the group, it will use the proceeds from the latest sukuk programmes for its land banks and company’s acquisitions, and to finance investments including capital injections into its subsidiaries, associated and joint venture companies.

The proceeds from the IMTN and ICP programmes, will also go towards refinancing Islamic financing/outstanding loans, project development and infrastructure costs, as well as general and capital expenditures.

The ICP Programme has been assigned a preliminary rating of MARC-1IS and the IMTN Programme has been assigned a preliminary rating of AA-IS respectively by Malaysian Rating Corporation Bhd.

CIMB Investment Bank Bhd and Maybank Investment Bank Bhd are the joint principal advisers, joint lead arrangers, joint lead managers and joint sustainability structuring advisers for the sukuk programmes.

Shares of UEM Sunrise were up by 1.39% or half a sen at 36.5 sen apiece with some 993,200 shares traded. This brought its market capitalisation to RM1.85 billion.

The stock has fallen 23.96% from when it was trading at 48 sen apiece on Jan 4 this year.

Get the latest news @ www.EdgeProp.my

Subscribe to our Telegram channel for the latest stories and updates 

Click here for more property stories