GKENT

0.470

-0.005 (-1.1%)

OTHERS GEORGE KENT (MALAYSIA) BERHAD (THE "COMPANY" OR "GEORGE KENT") LODGEMENT OF ISLAMIC COMMERCIAL PAPERS ("ICP") UNDER THE ICP PROGRAMME OF UP TO RM100.0 MILLION IN NOMINAL VALUE ("ICP PROGRAMME") AND ISLAMIC MEDIUM TERM NOTES ("IMTN") UNDER THE IMTN PROGRAMME OF UP TO RM500.0 MILLION IN NOMINAL VALUE ("IMTN PROGRAMME"), WITH THE ICP PROGRAMME AND THE IMTN PROGRAMME HAVING A COMBINED AGGREGATE LIMIT OF UP TO RM500.0 MILLION IN NOMINAL VALUE, BASED ON THE SHARIAH PRINCIPLE OF WAKALAH BI AL-IST

GEORGE KENT (MALAYSIA) BERHAD

Type Announcement
Subject OTHERS
Description
GEORGE KENT (MALAYSIA) BERHAD (THE "COMPANY" OR "GEORGE KENT")

LODGEMENT OF ISLAMIC COMMERCIAL PAPERS ("ICP") UNDER THE ICP PROGRAMME OF UP TO RM100.0 MILLION IN NOMINAL VALUE ("ICP PROGRAMME") AND ISLAMIC MEDIUM TERM NOTES ("IMTN") UNDER THE IMTN PROGRAMME OF UP TO RM500.0 MILLION IN NOMINAL VALUE ("IMTN PROGRAMME"), WITH THE ICP PROGRAMME AND THE IMTN PROGRAMME HAVING A COMBINED AGGREGATE LIMIT OF UP TO RM500.0 MILLION IN NOMINAL VALUE, BASED ON THE SHARIAH PRINCIPLE OF WAKALAH BI AL-IST

1.  INTRODUCTION

 

George Kent is pleased to announce that the Company had on 14 January 2021 lodged the Sukuk Wakalah Programmes with the Securities Commission Malaysia (”SC”) 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 12 November 2020, as amended from time to time).

 

2. DETAILS OF THE SUKUK WAKALAH PROGRAMMES

 

(i) ICP Programme

 

The ICP Programme shall have a tenure of seven (7) years from the date of first issue of the ICP under the ICP Programme which shall be made within sixty (60) business days from the date of the lodgment with the SC (or such other extended dates approved by the SC). The tenure of each ICP to be issued under the ICP Programme shall be between one (1) month and up to twelve (12) months, provided that no ICP matures after the expiry of the ICP Programme.

 

The ICP Programme has been assigned a preliminary rating of MARC-1is with a stable outlook by Malaysian Rating Corporation Berhad.

 

(ii) IMTN Programme

 

The IMTN Programme shall have a tenure of thirty (30) years from the date of the first issue of IMTN under the IMTN Programme which shall be made within sixty (60) business days from the date of the lodgment with the SC (or such other extended dates approved by the SC). The tenure of each IMTN to be issued under the IMTN Programme shall be between one (1) year and up to thirty (30) years, provided that no IMTN matures after the expiry of the IMTN Programme.

 

The IMTN Programme has been assigned a preliminary rating of A+is with a stable outlook by Malaysian Rating Corporation Berhad.

 

3. UTILISATION OF PROCEEDS

 

The proceeds from the issuance of the Sukuk Wakalah shall be utilised by the Company:

 

(a) To finance investments, capital expenditure, working capital requirements and general corporate purposes of the the Issuer, its subsidiaries, associates and/or joint venture entities;

(b) To refinance existing borrowings/financings and also to refinance future Islamic financings which include any outstanding Sukuk Wakalah (whether in whole or part); and/or

(c) To defray fees and expenses in relation to the Sukuk Wakalah Programmes.

 

 

4. ADVISERS

 

AmInvestment Bank Berhad is the Principal Adviser, Lead Arranger and Lead Manager for the Sukuk Wakalah Programmes, whilst AmBank Islamic Berhad is the Shariah Adviser for the Sukuk Wakalah Programmes.

 

This announcement is dated 14 January 2021.






Announcement Info

Company Name GEORGE KENT (MALAYSIA) BERHAD
Stock Name GKENT
Date Announced 14 Jan 2021
Category General Announcement for PLC
Reference Number GA1-14012021-00077