SUNSURIA

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OTHERS SUNSURIA BERHAD ("SUNSURIA" OR "COMPANY" OR "ISSUER") PROPOSED ESTABLISHMENT OF A RATED ISLAMIC MEDIUM TERMS NOTES ("SUKUK WAKALAH") PROGRAMME OF UP TO RM500.0 MILLION IN NOMINAL VALUE UNDER THE SHARIAH PRINCIPLE OF WAKALAH BI AL-ISTITHMAR ("SUKUK WAKALAH PROGRAMME")

SUNSURIA BERHAD

Type Announcement
Subject OTHERS
Description
SUNSURIA BERHAD ("SUNSURIA" OR "COMPANY" OR "ISSUER")

PROPOSED ESTABLISHMENT OF A RATED ISLAMIC MEDIUM TERMS NOTES ("SUKUK WAKALAH") PROGRAMME OF UP TO RM500.0 MILLION IN NOMINAL VALUE UNDER THE SHARIAH PRINCIPLE OF WAKALAH BI AL-ISTITHMAR ("SUKUK WAKALAH PROGRAMME")

1. INTRODUCTION

Sunsuria is pleased to announce that the Company has on 7 October 2020 made a lodgement with the Securities Commission Malaysia (“SC”) for the establishment of the Sukuk Wakalah Programme pursuant to the SC’s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (issued by the SC on 9 March 2015 and revised on 30 June 2020, as amended from time to time) ("LOLA Guidelines").

2. DETAILS OF THE SUKUK WAKALAH PROGRAMME

The Sukuk Wakalah Programme allows for the issuance of Sukuk Wakalah from time to time, provided that the aggregate outstanding nominal value of Sukuk Wakalah shall not exceed RM500.0 million at any point in time.

The tenure of the Sukuk Wakalah Programme shall be up to thirty years (30) years from the date of first issuance of the Sukuk Wakalah. The Sukuk Wakalah Programme has been assigned a preliminary rating of A+IS with a stable outlook by Malaysian Rating Corporation Berhad.

3. UTILISATION OF PROCEEDS

Proceeds from the issuance of Sukuk Wakalah under the Sukuk Wakalah Programme shall be utilised by the Company for the following Shariah-compliant purposes:

(a) finance the capital expenditure, working capital requirements and/or investments as well as for general corporate purposes of the Issuer and its subsidiaries from time to time (“Issuer Group”) which shall be Shariah-compliant;

(b) refinance the existing financing/ borrowings and future financing of the Issuer Group; and

(c) pay all fees and expenses in connection with the Sukuk Wakalah Programme.

4. RATIONALE FOR THE SUKUK WAKALAH PROGRAMME

The Sukuk Wakalah Programme is expected to provide the Issuer Group with the flexibility to time its fund-raising exercises with varying nominal value and tenures in accordance with its funding requirements.

5. APPROVALS REQUIRED

The Sukuk Wakalah Programme is not subject to any regulatory or shareholder approval. Information and documents in relation to the Sukuk Wakalah Programme have been lodged with the SC pursuant to the LOLA Guidelines on 7 October 2020.

6. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM

None of the Directors and major shareholders of Sunsuria and/or persons connected to them has any interest, whether direct or indirect, in the Sukuk Wakalah Programme.

7. ADVISERS

Maybank Investment Bank Berhad is the Sole Principal Adviser, Sole Lead Arranger and Sole Lead Manager for the Sukuk Wakalah Programme. Maybank Islamic Berhad is the Shariah Adviser for the Sukuk Wakalah Programme. Newfields Advisors Sdn. Bhd. is the Financial Adviser for the Sukuk Wakalah Programme.

This announcement is dated 7 October 2020.






Announcement Info

Company Name SUNSURIA BERHAD
Stock Name SUNSURIA
Date Announced 07 Oct 2020
Category General Announcement for PLC
Reference Number GA1-07102020-00011