Axis-REIT completes first RM300mil senior sukuk issuance
The company said in a filing with Bursa Malaysia today that the senior sukuk is rated AA2(s) by RAM Rating Services Bhd and has a tenure of 10 years with a fixed profit rate of 4.0 per cent per annum, payable semi-annually in arrears.
With this senior sukuk issuance, Axis-REIT's fixed rate financing will be expected to increase from 48 per cent to 65 per cent.
"Proceeds raised from the senior sukuk will be utilised to finance capital expenditure including development expenditure, working capital requirements, general corporate purposes and refinancing of existing Islamic financings or future Islamic financing of Axis-REIT," the company said.
Commenting on the milestone, Axis REIT chief executive officer and executive director Leong Kit May said this issuance marks a significant step in diversifying its funding sources and supporting its growth ambitions.
"The proceeds will serve as a war chest for us to seize strategic opportunities, acquire income-accretive assets and further strengthen our balance sheet for long-term sustainability," she said.
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