KUALA LUMPUR (Dec 23): Puncak Niaga Holdings Bhd has said it is launching a RM300 million sukuk murabahah programme with a perpetual tenure.

The group said Danum Sinar Sdn Bhd (DSSB), owned 90% by Murni Estate Sdn Bhd which in turn is wholly owned by Puncak Niaga, made a lodgement for the programme with the Securities Commission Malaysia on Thursday (Dec 23).

In a filing with the bourse, Puncak Niaga said DSSB intends to issue the first tranche of up to RM50 million under the programme.

It added that the proceeds from the issuance will be allocated to pay all fees and expenses of the programme, as well as to finance DSSB's new plantation development expenditure, construction of plantation mill and working capital requirements.

Shares of Puncak Niaga rose 1.5 sen or 4.92% to close at 32 sen, giving a market capitalisation of RM143.77 million. The counter has fallen 28.89% year-to-date.