Winstar Capital Bhd has established a RM300 million Sukuk Murabahah Programme to finance investment activities, capital expenditure and working capital, while also refinancing existing and future financing facilities.
The company said it lodged the required information and documents for the programme with the Securities Commission Malaysia (SC) on Sept 21.
Under the programme, Winstar may issue Islamic medium-term notes based on the Shariah principle of Murabahah via Tawarruq, with the aggregate outstanding nominal value capped at RM300 million at any one time.
The sukuk programme will have a tenure of 30 years from the date of its first issuance, which must take place within 90 business days of the lodgement with the SC.
Proceeds may be used to finance or reimburse Winstar and its subsidiaries for investments, capital expenditure, working capital and general corporate requirements. This includes purchases of land, buildings, Shariah-compliant shares and property, as well as funding its subsidiaries through Shariah-compliant inter-company advances.
Part of the proceeds may also be used to refinance existing bank borrowings, Islamic financing facilities and future Islamic financing facilities, either wholly or partially, as well as cover costs related to the sukuk programme and required deposits for sukukholders.
MARC Ratings Bhd has assigned a preliminary AIS/Stable rating to the programme.
MBSB Investment Bank Bhd is the principal advisor, lead arranger, lead manager and facility agent, while MBSB Bank Bhd has been appointed Shariah advisor.
