Sunday 06 Oct 2024
By
main news image

KUALA LUMPUR (Aug 21): Glomac Bhd (KL:GLOMAC) plans to raise up to RM3 billion through a sukuk wakalah programme to finance land acquisition, refinance debts and fund capital expenditure.

In a bourse filing, the property developer said it completed the lodgement of the programme with the Securities Commission Malaysia on Wednesday.

The first issuance under the programme, which is unrated and has a perpetual tenure, is expected within 90 business days, with each sukuk having a tenure of more than one year.

Glomac said the programme also offers the flexibility for future issuances of sustainability or sustainability-linked sukuk in compliance with relevant guidelines.

Maybank Investment Bank Bhd is the principal adviser, lead arranger, lead manager, and sustainability structuring adviser for the sukuk programme. Meanwhile, Maybank Islamic Bank Bhd serves as the shariah adviser for the programme.

Datuk Seri Fateh Iskandar, who is Glomac managing director and chief executive officer, owns a 19.17% stake in Glomac.

"The sukuk wakalah programme is very much aligned with Glomac's goal of diversifying its business operations to create new revenue streams," he said.

As of the end of April, the group’s total borrowings stood at RM391 million, while its cash balance amounted to RM314.3 million.

Shares in Glomac closed half a sen or 1.27% lower at 39 sen, giving the group a market capitalisation of RM308.13 million.
 

Edited ByS Kanagaraju
      Print
      Text Size
      Share