PETALING JAYA: Sunway Bhd’s indirect subsidiary Sunway Cochrane Sdn Bhd has issued RM2bil in sukuk wakalah to finance investments, acquisitions, capital expenditure and working capital needs across the issuer and Sunway’s subsidiaries.
The sukuk, issued under the syariah principle of Wakalah Bi Al-Istithmar, are ringgit-denominated, tradable and transferable, with each tranche carrying a tenure of more than one year.
In a filing with Bursa Malaysia, Sunway said the proceeds may also be used for general corporate purposes, including operating expenditures, maintaining required balances in finance service reserve accounts, and covering fees and expenses related to establishing and issuing the sukuk wakalah programme.