KUALA LUMPUR (Jan 14): George Kent (Malaysia) Bhd said it will use the proceeds from its latest sukuk wakalah programmes to finance investments, capital expenditure and working capital requirements.

The proceeds from the Islamic Commercial Papers (ICP) programme of up to RM100 million and Islamic Medium-Term Notes (IMTN) programme of up to RM500 million will also go towards refinancing existing borrowings and financings, including the refinancing of future Islamic financings, the group said.

Furthermore, the proceeds will also be used to defray any fees and expenses associated with the programmes, it said in a filing with Bursa Malaysia.

George Kent lodged the ICP and IMTN programmes with a combined aggregate limit of up to RM500 million in nominal value, with the Securities Commission Malaysia (SC) today.

The ICP will have a tenure of seven years from the date of first issuance. The tenure of each ICP issued under the programme will be between one month and 12 months.

Meanwhile, the IMTN will have a tenure of 30 years from the date of first issuance. The tenure of each IMTN will be between one year and 30 years.

Yesterday, Malaysian Rating Corp Bhd (MARC) said it has assigned preliminary ratings of MARC-1IS and A+IS to the ICP and IMTN programmes, with a stable outlook.

The ratings agency said the assigned ratings reflect George Kent’s conservative capital structure, strong liquidity position and a relatively stable water meter manufacturing business that is well supported by a long-standing relationship network, an extended geographical footprint and brand recognition.

George Kent shares finished 0.67% or half a sen higher at 75 sen apiece today, valuing it at RM422.45 million. It saw 831,100 shares done.