RM500mil sukuk from Boustead

KUALA LUMPUR: Boustead Holdings Bhd (BHB) has issued a RM500mil Islamic medium term notes (IMTN), the first issuance under the sukuk programme with a 10-year tenure.

In a filing with Bursa Malaysia yesterday, BHB said it signed the agreement for the sukuk programme on Aug 25.

The sukuk programme, which is an unrated programme, was implemented under Malaysia's Securities Commission Guidelines on Unlisted Capital Market Products under The Lodge and Launch Framework.

“The proceeds raised from the first issuance will be utilised to refinance existing borrowings/financing, funding of a reserve account to meet the minimum required balance under the terms and conditions of the sukuk programme and pay fees and expenses relating to the programme,” it added. — Bernama