Bermaz Auto Issues Two Sukuk Wakalah Programmes Worth MYR 1 Billion

The official distributor of Mazda cars and spare parts in Malaysia, Bermaz Auto (Bermaz), has announced the issuance of two Sukuk Wakalah Programmes totalling MYR 1 billion, according to a filing with Bursa Malaysia on the 18th of December 2020.

The Sukuk Programmes, based on the Shariah principle of Wakalah Bi Al-Istithmar, comprise of an Islamic seven-year Commercial Papers (ICPs) Programme of MYR 500 million, and an Islamic Perpetual Medium-Term Notes (IMTNs) Programme of MYR 500 million, subject to a combined aggregate limit of MYR 500 million in nominal value.

According to the filing, the first tranche of the ICPs amounting to MYR 100 million was issued with a tenure of six months, while the first tranche of IMTNs totalling MYR 100 million was issued with a tenu...