S P Setia to Establish MYR 3 Billion Sukuk Wakalah Programme for Project Capital Injection

Malaysian property developer S P Setia has announced plans to raise MYR 3 billion under a proposed Islamic Medium-Term Notes Programme, according to a recent bourse filing. The Sukuk Wakalah Programme, which has been given a preliminary rating of AA-IS with a Stable Outlook by Malaysian Rating Corporation (MARC), allows for the issuance of rated and senior unsecured Sukuk from time to time, not exceeding MYR 3 billion at any point in time.

Why it Matters?

Proceeds of the proposed issuance will mostly be used to fund capital injection into S P Setia’s joint venture Battersea Power Station project (Battersea Project), as well as refinance earlier borrowings undertaken to finance the project.

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