Having established its Sukuk Murabahah Programme in 2021 of RM500.0 million, FGV has announce that it has upsized the programme to RM3 billion in nominal value.
Among the changes to the Sukuk include, amendments consequential to the upsizing of the programme, update the references to the latest version of the relevant guidelines, to be issued under the upsized limit of the Programme may be issued on a rated, unrated or a combination of rated and unrated as the issuer may decide prior to each issuance, to revise the tenure of the programme from eight years to perpetual tenure and to revise the security arrangement of the programme.
The Sukuk Murabahah will issued under the Sukuk Murabahah Programme may be issued on a rated, unrated or a combination of rated and unrated as the Issuer may decide prior to each issuance. FGV has obtained confirmation of preliminary rating of AA-IS from MARC Ratings Berhad vide its letter dated 11 December 2023.
FGV to use the proceeds fund capital expenditure, working capital and other general corporate purposes and to refinance the existing Islamic financing or borrowing or future Islamic financing of the group.
The group said the issuance provide an alternative access to funding in the local debt capital markets via issuance of rated Sukuk and/or unrated Sukuk in addition to conventional bank borrowings.
Maybank Investment Bank Berhad is the Principal Adviser, Lead Arranger and Lead Manager for the Sukuk Murabahah Programme. Maybank Islamic Berhad is the Shariah Adviser for the Sukuk Murabahah Programme.
