George Kent Lodges Sukuk Programmes with Combined MYR 500 Million Limit with Securities Commission Malaysia

Malaysian-based water meter manufacturer and supplier, George Kent (Malaysia) Berhad (George Kent) has lodged two Sukuk Wakalah Programmes with the Securities Commission Malaysia on the 14th of January 2021.

According to a Bursa Malaysia filing, George Kent lodged Islamic Commercial Papers (ICP) under the ICP Programme of up to MYR 100 million in nominal value, and Islamic Medium-Term Notes (IMTN) under the IMTN Programme of up to MYR 500 million in nominal value. The ICP Programme and IMTN Programme have a combined aggregate limit of up to MYR 500 million in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar.

Proceeds of the Sukuk Wakalah Programmes will be used by George Kent to finance investments, capital expenditure, working capital requirem...