Sarawak Oil Palms to Issue up to MYR 1 Billion Worth of Sukuk Murabahah

Sarawak Oil Palms (SOP), a Malaysian-based plantation company located in Miri, has proposed to issue unrated Islamic medium term notes (Sukuk Murabahah) of up to MYR 1 billion through its wholly-owned special purpose funding vehicle, SOP Capital, according to a Bursa Malaysia filing released recently.

The Sukuk Murabahah will have a tenure of up to 20 years from the date of first issue, and will be under the purview of OCBC Al-Amin Bank, who is the principal adviser, lead arranger, lead manager and Shariah adviser on behalf of SOP Capital.

Proceeds of the issuance will be used to partially fund and/or partly reimburse costs and expenses related to plantation development, cultivation...