CGRE Raised MYR 495 Million from Sukuk Issuance

Country Garden Real Estate (CGRE) issued MYR 495 million Sukuk in three tranches last month amidst the decline in the global economy and financial sector turmoil triggered by the COVID-19 outbreak.

In a statement issued on the 21st of April 2020, CGRE highlighted that this issuance reflected the trust that Malaysia's financial markets have in both the Company and its long-term development in Malaysia.

The Islamic Medium-Term Note (IMTN) Sukuk program of CGRE was set up in 2015 as the first ever MYR Sukuk to be issued by a Chinese-related entity. According to Islamic Markets Sukuk Monitor, on the 27th of March 2020, CGRE issued the final tranche of this Sukuk program worth MYR 295 mil...