Malaysia’s Mah Sing Issues MYR 600 Million Five-Year Sukuk Murabahah

According to the IslamicMarkets Sukuk Monitor, Malaysian property developer Mah Sing Group (the Group) announced that the proceeds from its MYR 600 million Sukuk Murabahah will be used to finance the Group’s land banking, investments and working capital, as well as for the refinancing of borrowings and/or the redeeming of its unrated perpetual securities.

The Sukuk issuance, which is part of the Group’s MYR 1 billion Sukuk Murabahah programme, was oversubscribed and is secured by Group-owned assets, as well as certain designated accounts.

The Sukuk carries a fixed profit rate of 4.35% annually, payable every six months, and has a five-year tenure.

Hong Leong Investment Bank will act as the principal advisor, lead arranger, as well as the lead mana...