KUALA LUMPUR (Nov 2): DRB-HICOM BHD [] plans to establish a medium term note sukuk programme of up to RM1.80 billion in nominal value to finance working capital requirements, projects and refinance borrowings.
It said on Wednesday it had appointed Maybank Investment Bank Bhd as, amongst others, the principal adviser, lead arranger and lead manager for the Sukuk programme.
DRB-Hicom said that Malaysian Rating Corporation Bhd has assigned a preliminary rating of AA-IS to the Sukuk programme with a stable outlook.
“The Sukuk under the Sukuk programme shall be issued under the Shariah principle of Murabahah via Tawarruq arrangement. The tenure of the Sukuk programme is up to 15 years from the date of first issuance,” it said.
The company said the proceeds from the Sukuk programme would be used to finance working capital requirements; to finance current and/or future projects and/or investments and/or capital expenditure; tTo refinance borrowings.
DRB-Hicom said the Securities Commission Malaysia had on Monday approved the establishment of the Sukuk programme.
It said on Wednesday it had appointed Maybank Investment Bank Bhd as, amongst others, the principal adviser, lead arranger and lead manager for the Sukuk programme.
DRB-Hicom said that Malaysian Rating Corporation Bhd has assigned a preliminary rating of AA-IS to the Sukuk programme with a stable outlook.
“The Sukuk under the Sukuk programme shall be issued under the Shariah principle of Murabahah via Tawarruq arrangement. The tenure of the Sukuk programme is up to 15 years from the date of first issuance,” it said.
The company said the proceeds from the Sukuk programme would be used to finance working capital requirements; to finance current and/or future projects and/or investments and/or capital expenditure; tTo refinance borrowings.
DRB-Hicom said the Securities Commission Malaysia had on Monday approved the establishment of the Sukuk programme.
