KUALA LUMPUR (July 2): Department store and mall operator AEON Co (M) Bhd (KL:AEON) is planning to raise up to RM2 billion via two separate sukuk programmes that it is setting up, to fund its capital expenditure, working capital, investments, and to refinance its existing debts.

It has lodged the required information and documents in relation to the two sukuk wakalah programmes — an Islamic Commercial Papers (ICP) Programme and an Islamic Medium-Term Note (IMTN) Programme, which will have a combined limit of up to RM2 billion in nominal value — with the Securities Commission Malaysia.

The ICP Programme will run for seven years, while the IMTN Programme will have a perpetual tenure.

The programmes will allow AEON to issue sukuk wakalah from time to time. Proceeds raised could also be used for general corporate purposes, and to defray fees and expenses in relation to the programmes, its bourse filing on Tuesday showed.

“The first issuance of the ICP and IMTN under the sukuk wakalah programmes respectively shall be made within ninety business days from the date of lodgement or such other period as may be imposed by the SC,” said AEON.

RAM Rating Services Bhd has assigned credit ratings of P1 and AA2 to the ICP Programme and IMTN Programme, respectively.

Maybank Investment Bank Bhd is the principal adviser, lead arranger as well as lead manager for the sukuk programmes, while Maybank Islamic Bhd is the shariah adviser.

AEON shares closed one sen or 0.72% lower at RM1.38 on Tuesday, giving it a market capitalisation of RM1.91 billion.