Glomac plans to raise up to RM3 bil via sukuk programme

• Glomac said the programme also offers the flexibility for future issuances of sustainability or sustainability-linked sukuk in compliance with relevant guidelines.

KUALA LUMPUR (Aug 21): Glomac Bhd (KL:GLOMAC) plans to raise up to RM3 billion through a sukuk wakalah programme to finance land acquisition, refinance debts and fund capital expenditure.

In a bourse filing, the property developer said it completed the lodgement of the programme with the Securities Commission Malaysia on Wednesday.

The first issuance under the programme, which is unrated and has a perpetual tenure, is expected within 90 business days, with each sukuk having a tenure of more than one year.

Glomac said the programme also offers the flexibility for future issuances of sustainability or sustainability-linked sukuk in compliance with relevant guidelines.

Maybank Investment Bank Bhd is the principal adviser, lead arranger, lead manager, and sustainability structuring adviser for the sukuk programme. Meanwhile, Maybank Islamic Bank Bhd serves as the shariah adviser for the programme.

Glomac's founder and group executive chairman Tan Sri Mohamed Mansor Fateh Din holds a 21% stake in the group. His son, Datuk Fateh Iskandar, who is also the group managing director and chief executive officer, owns another 19.17% stake in Glomac.

As of the end of April, the group’s total borrowings stood at RM391 million, while its cash balance amounted to RM314.3 million.

Shares in Glomac closed half a sen or 1.27% lower at 39 sen, giving the group a market capitalisation of RM308.13 million.

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