MNRB Holdings Berhad has made a lodgement with the Securities Commission of Malaysia for the upsizing of the Sukuk Programme from RM320 million in nominal value to RM420 million in nominal value by exercising the upsizing option under the Sukuk Programme.
The Sukuk Programme is established under the SC’s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework issued by the SC on 9 March 2015 (updated and effective on 15 June 2015 and revised on 5 February 2024)
MNRB first lodged with the SC on 24 January 2019 for the issuance of Senior Sukuk Murabahah and/or Subordinated Sukuk Murabahah from time to time subject to the aggregate outstanding nominal value of the Sukuk Murabahah not exceeding the Sukuk Murabahah Programme’s limit at any point in time. The Company had, on 22 March 2019, issued Subordinated Sukuk Murabahah of RM320 million under the said Sukuk Programme.
The upsizing it said was to support the group and its subsidiaries growth trajectory in the Shariah-compliant general re/takaful and family re/takaful business. It said this bodes well towards its business remodelling plan to diversify its revenue stream and focus its growth in the non-voluntary cession business.
AmInvestment Bank Berhad is the Principal Adviser, Lead Arranger and Lead Manager for the Sukuk Programme while AmBank Islamic Berhad is the Shariah Adviser for the Sukuk Programme.
