KUALA LUMPUR (July 31): Genting Plantations Bhd (KL:GENP) has raised RM200 million from its RM2 billion sukuk murabahah programme to finance or reimburse costs related to its property development projects.

The unrated Islamic bond, which carries a tenure of five years, was issued by Bina Restu Bhd, a wholly-owned subsidiary of Genting Property Sdn Bhd, which is in turn a wholly-owned subsidiary of Genting Plantations, Genting Plantations’ bourse filing showed on Friday (July 31).

Bina Restu will advance the proceeds to Genting Property, Genting Plantations and their subsidiaries via Shariah-compliant intercompany advances.

Public Investment Bank Bhd is the principal adviser and lead arranger for the sukuk programme, as well as the lead manager for the inaugural issuance.

Genting Plantations, which is 55.4%-owned by Genting Bhd (KL:GENTING), reported an 11% increase in first-quarter net profit to RM68.1 million from RM61.3 million a year ago, supported by stronger fresh fruit bunch output and improved contribution from its property division, despite broadly flat revenue and weaker crude palm oil prices.

Revenue edged up marginally to RM720.2 million for the quarter ended March 31, 2026 (1QFY2026) from RM719.5 million.

Genting Plantations’ share price rose seven sen or 1.23% to RM5.75 on Friday, its highest level since June 2022. The stock has gained nearly 16% this year, giving the company a market capitalisation of RM5.16 billion.