Cypark Resources to Issue MYR 500 Million Sukuk Musharakah to Support Renewable Energy Projects

Cypark Resources (CR) is seeking to issue a perpetual medium-term Islamic note programme (Sukuk Musharakah) of up to MYR 500 million, to raise fresh funds for its renewable energy projects.

According to a filing with Bursa Malaysia (BM) on the 4th of June 2020, CR stated that the funds raised from the Sukuk issuance will be utilised by its wholly-owned subsidiary, Cypark Renewable Energy, to refinance existing borrowings, meet capital expenditure needs, fund working capital requirements, for general corporate purpose and/or defraying fees and costs relating to the Sukuk issuance.

In its filing with BM, CR also noted that the perpetual Sukuk Musharakah may be issued in one or more tra...