KUALA LUMPUR (Oct 8): Al-`Aqar Healthcare REIT (KL:ALAQAR) has lodged two sukuk programmes with a combined limit value of RM3 billion to fund investments, refinance Islamic financing and meet working capital requirements.

The programmes, with Al-‘Aqar Capital Sdn Bhd as the issuer, comprise an Islamic notes issuance programme of up to RM3 billion and an Islamic commercial papers (ICP) programme of up to RM300 million, according to a Bursa Malaysia filing on Thursday.

Both programmes, however, are subject to an aggregate nominal value limit of RM3 billion, rather than separate limits totalling RM3.3 billion.

The Islamic notes programme has a perpetual programme tenure, while the ICP programme has a seven-year tenure. Individual issuances may be rated or unrated, with the decision to be made before each issuance, according to the group.

Proceeds from the sukuk issuance will be advanced to the REIT to finance investment activities, refinance existing or future Islamic financing, and fund working capital and general corporate requirements. The funds may also be used to refinance maturing sukuk issued under the programmes, fund the required deposit in the sukuk trustee’s reimbursement account and pay programme-related expenses, the REIT addded.

Maybank Investment Bank Bhd and OCBC Al-Amin Bank Bhd are the joint principal advisers and joint lead arrangers, while Maybank Islamic Bhd is the shariah adviser.

Al-‘Aqar units closed one sen or 0.9% lower at RM1.15 on Thursday, giving the REIT a market capitalisation of RM965.5 million. The units have declined 10.2% year to date.