TH Plantations Berhad announces that THP Suria Mekar Sdn. Bhd. a special purpose vehicle of THP has completed the lodgement of the Sukuk Wakalah Programme with the Securities Commission Malaysia.
The Sukuk Wakalah Programme allows for the issuance of senior Islamic medium term notes (“Senior Sukuk Wakalah”) and subordinated perpetual Islamic notes (“Perpetual Sukuk Wakalah”) based on the Shariah principle of Wakalah Bi Al-Istithmar to be guaranteed by THP. The Sukuk Wakalah Programme will have a perpetual programme tenure.
The proceeds of each Sukuk Wakalah issued under the Sukuk Wakalah Programme are to be utilised to finance or refinance any existing or future Islamic financing of the Issuer (including to finance or refinance in full the outstanding Sukuk issued under TSM’s existing Sukuk Murabahah Programme of up to RM1.2 billion in nominal value).
It will also be used to finance THP Group’s Shariah-compliant business operation and/or for working capital purposes and to defray expenses incurred for the establishment of the Sukuk Wakalah Programme.
Proceeds of the Sukuk Wakalah can be advanced within THP Group via Shariah-compliant facilities for the afore-mentioned purposes, which shall be Shariah-compliant.
Maybank Investment Bank Berhad is the Principal Adviser, Lead Arranger and Lead Manager for the Sukuk Wakalah Programme.
