Guan Chong Announces Plans to Establish MYR 800 Million Sukuk Wakalah for International Expansion

October 06, 2020

Guan Chong, a Malaysian-based cocoa processor, has announced plans to raise up to MYR 800 million through Islamic medium-term notes (Sukuk Wakalah) to support ongoing overseas expansion.

According to a recent Bursa Malaysia filing, Guan Chong stated it had lodged documents with the Securities Commission Malaysia to establish the Sukuk Wakalah programme, which will have a tenure of 20 years from the date of the first issuance. Proceeds of the issuance will be used to finance general working capital and capital expenditure, in addition to refinance borrowings. Maybank Investment Bank was appointed as the sole principal adviser and lead arranger for the Sukuk Wakalah programme, local media reported.