JB Cocoa, a wholly-owned subsidiary of JB Foods Limited has successfully issued its inaugural RM100 million Sukuk Wakalah under its rated Islamic medium-term notes (Sukuk Wakalah) programme of up to RM500 million in nominal value based on the Shariah principle of Sukuk Wakalah Programme.
To recap, JB Foods Limited is a listed company on the Singapore Exchange.
The Sukuk Wakalah Programme is guaranteed by JB Foods and has been assigned an A+ IS final rating with a stable outlook by MARC Ratings.
Meanwhile, AmInvestment Bank is the principal adviser, lead arranger and lead manager, and AmBank Islamic is the shariah adviser for the Sukuk Wakalah Programme.
“JB Cocoa has been our customer for 12 years and we are gratified with the opportunity to support them in diversifying their fund- raising needs by tapping the capital markets. The company’s strong financial and track record shall stand them in good stead for their next phase,” Christopher Yap, Managing Director, Business Banking, AmBank Group said.
JBC Group is one of the major cocoa ingredient producers in the world. Established since the 2000s, the JBC Group is known for its quality and service.
Its JB Cocoa brand of premium cocoa ingredient products, i.e., mass, butter and powder, are produced at its state-of-the-art and energy-efficient plants, which utilise the latest technology in cocoa processing.
It is committed to sustainable cocoa sourcing and manufacturing and is in the process of constructing a new plant in Côte d’Ivoire that is expected to be ready by end 2024.
“I am pleased that we have successfully issued the first tranche of RM100.0 million out of our Sukuk Wakalah Programme for our business expansion notwithstanding the current challenging economic environment,” JB Foods’ CEO, Mr. Tey How Keong remarked.
“The commitment and guidance that we have received from AmInvestment Bank and AmBank’s Business Banking relationship team who have worked closely with us on this programme have been one of the key success contributors and bear testament to the AmBank Group’s high level of professionalism,” Tey added.
“The successful inaugural issuance of RM100.0 million Sukuk Wakalah by JB Cocoa despite challenging market conditions is a testimony of our strength in the debt capital markets, the dedication of our staff and our relentless quest to exceed clients’ expectations. We will continue to build on this positive performance to maintain a strong relationship with JB Cocoa and deliver the best for them,” Tracy Chen Wee Keng, Chief Executive Officer, AmInvestment Bank said.
