KUALA LUMPUR (Dec 10): Holders of the Federal Land Development Authority's (Felda) Malaysian government-guaranteed RM9.9 billion Islamic bonds or sukuk have demanded that Felda take the necessary action to procure the Malaysian government's obligation to guarantee the "proper and punctual payment" of profit payments for the sukuk, which was issued under the Murabahah principle.

According to the Felda bonds' trustee AmanahRaya Trustees Bhd's letter dated Dec 9, 2021 to Felda director general Datuk Amiruddin Abdul Satar, holders of Felda's sukuk during Felda's virtual extraordinary general meeting (EGM) on Thursday (Dec 9, 2021) also demanded that Felda obtain the "necessary approvals" linked to the sukuk.

"As confirmed by the scrutineer Cygnus Technology Solutions Sdn [Bhd] and as declared on the EGM, please be informed that special resolutions 1 and special resolutions 2 are taken as passed," AmanahRaya Trustees said.

AmanahRaya Trustees, which did not specify what the special resolutions were, also reminded Felda to "also take the necessary action of the condition imposed by the sukuk holders" at the EGM.

At the time of writing on Friday, Felda had yet to respond to theedgemarkets' enquiries on the EGM.

Maybank Investment Bank Bhd, which is the facility agent for Felda's RM9.9 billion Islamic bonds, attached AmanahRaya Trustees' letter with Maybank Investment's filing on Friday (Dec 10) with Bank Negara Malaysia's Fully Automated System for Issuing/Tendering (FAST) website.

"As facility agent, we attached herewith the self-explanatory letter dated Dec 9, 2021 from AmanahRaya Trustees informing that the special resolutions 1 and special resolutions 2 are taken as passed," Maybank Investment said without elaborating.

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