Packaging solution provider Scientex Bhd (KL:SCIENTX) said it has established a multi-currency Islamic medium-term notes programme of RM1.5 billion in nominal value.

The group, which lodged the Sukuk Wakalah Programme with the Securities Commission Malaysia on Wednesday, said proceeds from the issuance of the sukuk will be used to finance and reimburse capital expenditure.

It will also be used to refinance existing and future financing, investment, and working capital requirements, Scientex said in a bourse filing.

The programme has a perpetual tenure, with each sukuk to be issued having a tenure of more than one year, the group said

“The sukuk wakalah to be issued under the Sukuk Wakalah Programme may either be rated and/or unrated as the issuer may select prior to each issuance," it added.

RHB Investment Bank Bhd is the principal adviser, lead arranger, lead manager and facility agent of the sukuk programme, while RHB Islamic Bank Bhd is the shariah adviser of the programme.

Scientex's shares closed down three sen or 0.66% at RM4.53, giving the group a market capitalisation of RM7.05 billion in total. Year-to-date, the stock has risen 19%.