Sunsuria Berhad to Issue up to MYR 500 Million in Sukuk Wakalah; Rated A+IS by MARC

Malaysian property developer Sunsuria Berhad has announced plans to issue up to MYR 500 million worth of Islamic medium-term notes or Sukuk Wakalah, according to a recent bourse filing.

Proceeds raised from the Sukuk Wakalah Programme, which will have a 30-year tenure, will be used to finance capital expenditure, working capital requirements, general corporate purposes as well as refinancing existing borrowing and future financing of the group.

Maybank Investment Bank has been appointed as the sole principal adviser, lead arranger and lead manager for the Sukuk Wakalah Programme, while Maybank Islamic is the Shariah adviser, according to local media reports. Meanwhile, Newfields Ad...