Lagenda Properties Berhad announced the subscription of the inaugural RM475 million Sukuk Wakalah under its RM1.5 billion Sukuk Programme based on the Shariah principle of Wakalah Bi Al- Istithmar.
The issuance was subscribed by AmBank Group (RM400.0 million) and Alliance Islamic Bank Berhad (RM75.0 million), marking the Group’s first entry into Malaysia’s Islamic debt capital market.
The Sukuk Programme has been established through its wholly-owned subsidiary, Lagenda Capital Berhad, and is guaranteed by Lagenda Properties Berhad.
AmInvestment Bank Berhad and Alliance Islamic Bank Berhad acted as Joint Principal Advisers, Joint Lead Arrangers and Joint Lead Managers for the Sukuk Programme. AmInvestment Bank Berhad also acts as Facility Agent, while Alliance Islamic Bank Berhad together with AmBank Islamic Berhad acted as Joint Shariah Advisers.
The property developer said the proceeds raised under the Sukuk Programme will be utilised for Shariah-compliant purposes, including financing and refinancing investments, land acquisitions, capital expenditure, the development of affordable housing projects, working capital requirements, general corporate purposes, and the refinancing of existing borrowings.
The Programme supports the Group’s disciplined capital management strategy while providing greater financial flexibility to execute its long-term growth plans.
