KUALA LUMPUR (Dec 30): Khazanah Nasional Bhd investee Cenviro Sdn Bhd has proposed to issue RM500 million worth of Islamic bonds or sukuk under the Wakalah principle, according to waste management specialist Cenviro's lodgement with the Securities Commission Malaysia's (SC) website.

According to Cenviro’s lodgement dated Wednesday (Dec 29) with the SC, the Sukuk Wakalah Programme involves an issue size of up to RM500 million. 

Cenviro however did not specify the issuance date and duration of the RM500 million bonds, the securities' annual profit rate and how the proceeds from the bond issuance will be used.

The "lodgement expiry date (is on) March 28, 2022,” Cenviro said. 

The principal adviser for Cenviro’s bond scheme is RHB Investment Bank Bhd, said Cenviro, which is the flagship of Malaysia’s sovereign wealth fund Khazanah’s investment in sustainable development.

According to Cenviro’s website, the company through its subsidiary Kualiti Alam Sdn Bhd owns and operates Malaysia’s first integrated waste management centre in Negeri Sembilan.

Cenviro said the waste management centre has been in operation since 1998.

"The centre holds the licence to handle 76 categories of 77 scheduled wastes listed under (the) Environment Quality (Scheduled Wastes) Regulation 2005 for collection, treatment, recycling, recovery and final disposal.

“Cenviro (is) also involved in integrated solid waste management through its joint-venture company E-Idaman Sdn Bhd. Additionally, Cenviro extends its operations in electronic waste management via its associate stake in Shan Poornam Metals Sdn Bhd,” Cenviro said.