Malaysia’s UEM Sunrise Concludes MYR 295 Million Sukuk Issuance Under Islamic Medium Term Notes Programme
September 20, 2022
Malaysia-based property developer, UEM Sunrise Berhad (UEM Sunrise) announced that it has concluded the issuance of Islamic Medium-term Notes (IMTNs) with a nominal value of MYR 295 million (USD 65 million), under its IMTNs programme, as per a filing with Bursa Malaysia on the 19th of September 2022,
Why it Matters?
The IMTNs' proceeds will be used for UEM Sunrise's and its subsidiaries' general corporate purposes which comply with Shariah, including the purchase of land and businesses as well as investments. The funds will also be put aside for capital expenditures, general spending, and the refinancing of Islamic financing and outstanding credit facilities, in addition to project development and infrastructure needs.