KUALA LUMPUR (March 23): Minister of Finance Inc-owned Pembinaan BLT, set up by the government to develop police quarters and facilities, has completed 60% of the projects valued at RM4 billion.
Pembinaan BLT chairman Tan Sri Dr Wan Abdul Aziz Wan Abdullah, who is also secretary general of Treasury, said on Friday BLT has 74 development projects nation-wide in hand worth RM7.6 billion.
“Following the prompt completion and delivery, Pembinaan BLT is targeting to complete all its projects by 2015,” he said in a statement after it issues its third series of Islamic medium term notes (IMTN) or Sukuk of RM1.35 billion
To recap, its main objective is to fast track the police development plans outlined in the 2004 Report of The Royal Commission which was to enhance the operation and management of Royal Malaysia Police.
The issuance of the RM1.35 billion sukuk showcased BLT’s twin success in developing a financing model and prompt delivery of police quarters and facilities.
“It is a success in transforming in more ways than one,” said Wan Abdul Aziz. “In addition and of greater significance is that Pembinaan BLT has successfully transformed the financing of police property development with the innovative financing programme that is popular with investors.”
He said BLT’s sukuk programme to raise RM10 billion marked another significant achievement in Malaysia’s Islamic Capital Market.
The RM10 billion sukuk would contribute significantly to the expansion of the Malaysian sukuk market and strengthen Malaysia’s position as the leader in global sukuk issuance, he added.
BLT has successfully issued two series of sukuk totaling RM2.265 billion as part of its IMTN programme under the Musyarakah concept.
Buoyed by the appetite of investors for its sukuk, Wan Abdul Aziz expected this third series would also in great demand.
The first sukuk issuance in the first quarter of 2011 was oversubscribed 4.36 times. The issue size was then upsized from RM1 billion to RM1.1 billion.
The second issuance of RM1.165 billion in the fourth quarter of 2011 saw the order book reaching a high of RM8 billion, or an oversubscription of seven times.
The third IMTN programme has been assigned a final credit rating of “AAAIS with stable outlook” by Malaysian Rating Corporation Bhd.
Pembinaan BLT chairman Tan Sri Dr Wan Abdul Aziz Wan Abdullah, who is also secretary general of Treasury, said on Friday BLT has 74 development projects nation-wide in hand worth RM7.6 billion.
“Following the prompt completion and delivery, Pembinaan BLT is targeting to complete all its projects by 2015,” he said in a statement after it issues its third series of Islamic medium term notes (IMTN) or Sukuk of RM1.35 billion
To recap, its main objective is to fast track the police development plans outlined in the 2004 Report of The Royal Commission which was to enhance the operation and management of Royal Malaysia Police.
The issuance of the RM1.35 billion sukuk showcased BLT’s twin success in developing a financing model and prompt delivery of police quarters and facilities.
“It is a success in transforming in more ways than one,” said Wan Abdul Aziz. “In addition and of greater significance is that Pembinaan BLT has successfully transformed the financing of police property development with the innovative financing programme that is popular with investors.”
He said BLT’s sukuk programme to raise RM10 billion marked another significant achievement in Malaysia’s Islamic Capital Market.
The RM10 billion sukuk would contribute significantly to the expansion of the Malaysian sukuk market and strengthen Malaysia’s position as the leader in global sukuk issuance, he added.
BLT has successfully issued two series of sukuk totaling RM2.265 billion as part of its IMTN programme under the Musyarakah concept.
Buoyed by the appetite of investors for its sukuk, Wan Abdul Aziz expected this third series would also in great demand.
The first sukuk issuance in the first quarter of 2011 was oversubscribed 4.36 times. The issue size was then upsized from RM1 billion to RM1.1 billion.
The second issuance of RM1.165 billion in the fourth quarter of 2011 saw the order book reaching a high of RM8 billion, or an oversubscription of seven times.
The third IMTN programme has been assigned a final credit rating of “AAAIS with stable outlook” by Malaysian Rating Corporation Bhd.
