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MMC gets SC nod to issue RM470 million sukuk
by Cals Wed 15 May 2013, 00:41
MMC gets SC nod to issue RM470 million sukuk
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Tuesday, 14 May 2013 18:42
A + / A - / Reset
KUALA LUMPUR (May 14): MMC CORPORATION BHD [] has gotten the go-ahead from Securities Commission Malaysia (the SC) to issue a sukuk programme of up to RM470 million in nominal value.
In a filing with Bursa Malaysia, the Tan Sri Syed Mokhtar Al-Bukhary-owned company said the sukuk, with a tenure of up to 16 years, will be based on the syariah principle of Wakalah.
“The issuance of the Sukuk Wakalah shall be made within one year from the date of the SC’s approval,” said MMC.
It explained the periodic distributions of the sukuk programme will be paid semi-annually in arrears, with the first distribution to be made six months after the programme was issued.
MMC added the sukuk programme was issued by Malakoff Corporation Bhd’s subsidiary Tanjung Bin O&M Bhd. Malakoff, meanwhile, is 51%-owned by MMC.
Proceeds from the sukuk issuance will be used to part-finance the acquisition of operations and maintenance business of HICOM Power Sdn Bhd and general working capital.
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Tuesday, 14 May 2013 18:42
A + / A - / Reset
KUALA LUMPUR (May 14): MMC CORPORATION BHD [] has gotten the go-ahead from Securities Commission Malaysia (the SC) to issue a sukuk programme of up to RM470 million in nominal value.
In a filing with Bursa Malaysia, the Tan Sri Syed Mokhtar Al-Bukhary-owned company said the sukuk, with a tenure of up to 16 years, will be based on the syariah principle of Wakalah.
“The issuance of the Sukuk Wakalah shall be made within one year from the date of the SC’s approval,” said MMC.
It explained the periodic distributions of the sukuk programme will be paid semi-annually in arrears, with the first distribution to be made six months after the programme was issued.
MMC added the sukuk programme was issued by Malakoff Corporation Bhd’s subsidiary Tanjung Bin O&M Bhd. Malakoff, meanwhile, is 51%-owned by MMC.
Proceeds from the sukuk issuance will be used to part-finance the acquisition of operations and maintenance business of HICOM Power Sdn Bhd and general working capital.
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