Property developer Eco World Development Group Bhd
(EcoWorld) has issued its maiden RM550 million Islamic bonds (sukuk) under its
sukuk wakalah programme of RM1.2 billion. The funds will partly be used for
working capital, capital expenditure and Shariah-compliant investments of
EcoWorld and its subsidiaries.
The sukuk, which has a tenure of five years, will also be
used for general corporate purposes of the group and/or of any joint ventures,
as well as to refinance any existing borrowings.
In a Bursa Malaysia filing on Monday (Oct 31), EcoWorld said
the RM1.2 billion sukuk programme, through its wholly owned subsidiary Eco
World Capital Bhd, is guaranteed by EcoWorld and has been assigned a final
credit rating of AA- IS(CG) with a stable outlook by local rating agency MARC
CIMB Investment Bank Bhd, HSBC Amanah Malaysia Bhd and
Maybank Investment Bank Bhd are the joint principal advisers and lead arrangers
for the sukuk programme. Meanwhile, the three banks as well as RHB Investment
Bank Bhd are the joint lead managers for the maiden sukuk issuance.
At noon break on Monday, EcoWorld shares closed up one sen
or 1.69% at 60 sen, giving the company a market capitalisation of RM1.77