Mah Sing Group Announces Completion of MYR 100 Million Sukuk Issuance

Malaysian property developer Mah Sing Group (Mah Sing) has announced the completion of its proposed redeemable convertible Sukuk Murabahah with the issuance of MYR 100 million worth of Sukuk on the 29th of December 2020, according to local media reports.

The convertible Sukuk Murabahah has a tenure of seven years with a fixed profit rate of 3% per annum, to be paid semi-annually. Earlier in September 2020, Mah Sing announced that the MYR 100 million Sukuk issuance was part of its MYR 1 billion Islamic Medium-Term Note (IMTN) programme, which allows for multiple issuances of rated, unrated, secured and/or unsecured IMTNs.

Local media reported that proceeds from the Sukuk will be used by Mah Sing for future investments and general working capital requirements, includin...