Genting Plantations unit issues RM300mil sukuk
KUALA LUMPUR: Genting Plantations Bhd 's wholly-owned subsidiary, Benih Restu Bhd, has undertaken its second issuance of Islamic medium-term notes (IMTN), totalling RM300mil in nominal value, under the RM1.5bil Sukuk Murabahah Programme via Tawarruq arrangement.
In a filing with Bursa Malaysia, Genting Plantations said the Sukuk Murabahah issued had a tenure of five years at a profit rate of 3.88% per annum.
'Benih Restu will advance the proceeds from the issuance of Sukuk Murabahah to Genting Plantations and/or any of its subsidiaries (group) via syariah-compliant intercompany advances from Benih Restu to the group,' the oil palm group said.
Genting Plantations group will use the proceeds for its operating expenses; capital expenditure; investment; refinancing; working capital requirements; and general funding requirements, among others.
Meanwhile, in a separate filing, Genting Plantations said Benih Restu had also undertaken its second issuance of Sukuk Wakalah amounting to RM500mil in nominal value under its RM2bil Sukuk Wakalah programme via Wakalah Bi Al-Istithmar.
'The Sukuk Wakalah programme comprises RM300mil in nominal value with a tenure of seven years, issued at a profit rate of 3.93% per annum, and RM200mil in nominal value with a tenure of 12 years, issued at a profit rate of 4.05% per annum.
'The Genting Plantations group will thereafter apply the proceeds for the syariah-compliant purposes such as operating expenses, capital expenditure, and investment,' the company said. — Bernama
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