KUALA LUMPUR (Feb 9): MNRB Holdings Bhd announced that it has increased its sukuk programme from RM320 million to RM420 million in nominal value, after obtaining approval from the Securities Commission of Malaysia (SC).  

The financial services group exercised the upsizing option under its sukuk murabahah programme, which is based on the shariah principle of murabahah.  

“The upsized sukuk programme was intended to support the growth in the shariah-compliant general re/takaful and family re/takaful business, in line with its business remodelling plan to diversify its revenue stream and focus its growth in the non-voluntary cession business,” MNRB said in filing with Bursa Malaysia on Friday.  

The MNRB subordinated sukuk murabahah of RM320 million was issued under the sukuk programme back in March 2019.  

The upsizing of the sukuk programme was lodged with the SC on Feb 9, 2024, and the group said it does not require any consent from the sukuk trustee, sukukholders, or any other party under the sukuk programme.  

AmInvestment Bank Bhd is the principal adviser, lead arranger and lead manager for the sukuk programme,while AmBank Islamic Bhd is the shariah adviser for the sukuk programme.  

MNRB shares closed two sen or 1.23% higher at RM1.62 on Friday, with 2.72 million shares traded. Its market capitalisation stood at RM1.28 billion. The stock has risen 34.43% year-to-date and 65.66% over the past year.