KUALA LUMPUR (July 18): Ekovest Bhd, which has secured the concession for the construction and management of the proposed Setiawangsa-Pantai Expressway (formerly known as the Duke Phase-3 Expressway), is planning a 23-year RM3.64 billion sukuk to part finance the project's cost.

In an announcement to the exchange today, Ekovest said the sukuk issuance will be undertaken via its wholly-owned unit Lebuhraya DUKE Fasa 3 Sdn Bhd, to part finance the costs related to the development, design and construction of the expressway.

The sukuk will be issued under the shariah principle of Wakalah Bi Al-Istithmar.

Besides financing the highway project, the group said the proceeds will be used to settle the profit payments under the sukuk, for deposits into its finance reserve account, payment of fees and expenses attributed to the issuance and general working capital purposes.

"AmInvestment Bank Bhd has been appointed as the Principal Adviser, Lead Arranger and Joint Lead Managers/Joint Bookrunners for the Sukuk Wakalah.

"CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd have been appointed as the Joint Lead Managers/Joint Bookrunners for the Sukuk Wakalah," said Ekovest.

Ekovest fell 1 sen or 0.66% to RM1.51 today, giving it a market capitalisation of RM1.29 billion.