KUALA LUMPUR (July 24): Lagenda Properties Bhd (KL:LAGENDA) has proposed to establish an Islamic medium-term notes programme of up to RM1.5 billion in nominal value to finance investments and land acquisitions, including for affordable housing developments.

The group, which made a lodgement with the Securities Commission Malaysia for the establishment of the sukuk wakalah programme on Friday, said proceeds will also be used  for working capital and the refinancing of existing loans.

The programme has a perpetual tenure, with each sukuk issuance having a minimum tenure of one year. The first issuance is expected within 90 business days from the lodgement date, Lagenda Properties said in a bourse filing on Friday.

"The profit rate applicable to each series of the sukuk wakalah may be either fixed or floating, to be determined prior to the issuance of the sukuk wakalah," it added.

Alliance Islamic Bank Bhd and AmInvestment Bank Bhd are the joint principal advisers, joint lead arrangers and joint lead managers for the programme.

Lagenda Properties’ net profit fell slightly to RM44.17 million for the first quarter ended March 31, 2026 from RM44.59 million a year earlier. Revenue was also marginally lower at RM262.12 million against RM264.4 million previously.

The housing developer attributed the slow first quarter to the festive period, which has resulted in gradual construction progress.

As at end-March, the group had unbilled sales of RM1.67 billion, which is a record high, according to the group.

The group had total borrowings of RM970.45 million as at end-March, against cash and cash equivalents of RM228.06 million.

Lagenda Properties closed up two sen or 1.49% to RM1.36 on Friday, valuing the group at RM1.14 billion. Year to date, the counter is up 8.8%.