Malaysia’s VS Industry Issues Sukuk Wakalah Worth MYR 500 Million Via Subsidiary
September 22, 2022 | Updated at September 22, 2022
Malaysia-based VS Capital Management Sdn Bhd (VSCM), the wholly-owned subsidiary of V.S. Industry Berhad (VS), has issued an MYR 500 million (USD 114 million) nominally valued Islamic Medium-Term Notes (Sukuk Wakalah), based on Wakalah Bi Al-Istithmar, as per a filing with Bursa Malaysia on the 21st of September 2022.
Why it Matters?
The proceeds from the Sukuk offering will be used for group’s working capital needs and expenditures, general business objectives, and refinancing of current financings or borrowings. It will also be used to cover costs and expenses associated with setting up the Sukuk Wakalah programme and issuing the Sukuk Wakalah, as well as providing Islamic intercompany financing to VS and the group's subsidiaries.