Fraser & Neave Holdings Unit to Undertake MYR 3 Billion Sukuk Programme

Fraser & Neave Holdings (F&N) has announced that its wholly-owned subsidiary F&N Capital plans to undertake a Sukuk Murabahah Programme of up to MYR 3 billion in nominal value, according to a Bursa Malaysia filing dated the 7th of May 2021. The Programme consists of a proposed Islamic Commercial Papers (ICP) Programme, and proposed Islamic Medium-Term Notes (IMTN) Programme, both of which are based on the Shariah principle of Murabahah via a Tawarruq arrangement.

Why it Matters?

F&N Capital, which is a Malaysian food and beverage company, lodged the Sukuk Murabahah Programme with the Securities Commission Malaysia for the proposed establishment of the ICP and IMTN. Proceeds of the Sukuk Murabahah will be used for Shariah-compliant gen...