Country Garden Real Estate raises RM495 million sukuk
KUALA L UMPUR: Country Garden Real Estate Sdn Bhd (CGRE) has successfully issued three tranches of Islamic sukuk totalling RM495 million last month with the longest tenure being seven years, despite the down cycle in the global market following the Covid-19 pandemic.
These issuances fully reflected the confidence that the Malaysian capital market has in both – Country Garden Group and CGRE’s long-term development in Malaysia, the company said in a statement here, yesterday.
In addition, RAM Ratings had in September 2019 reaffirmed the AA3/Stable rating of CGRE’s Islamic Medium-Term Note ( IMTN) Programme.
CGRE’s IMTN Programme was set up in 2015, which was the first- ever ringgit sukuk issued by a China-related corporate entity.
“Malaysia has been
astrategic investment market for the group, which currently has five projects launched – two projects in the Klang Valley and three projects in Johor,” the company added.
Country Garden Malaysia currently has strong cash flow with a healthy balance sheet and sales remained resilient across all projects.
Moving forward, the Group will continue to explore more investment opportunities in Malaysia. — Bernama
SHORT-TERM interbank rates ended stable yesterday on Bank Negara Malaysia’s (BNM) operations to absorb surplus liquidity from the financial system.
The surplus in the conventional system eased to RM50.50 billion from RM55.58 billion in the morning, while in the Islamic system, it fell to RM28.72 billion from RM34.20 billion.
Earlier on, the central bank conducted two conventional money market tenders, two Qard tenders and a reverse repo tender.
BNM also announced the availability of Reverse Repo and Sale and Buy Back Agreement as well as Collateralised Commodity Murabahah transaction facilities for tenors of one to three months.
At 4pm, BNM called for a RM50.50 billion conventional money market tender and a RM28.70 billion Murabahah money market tender, both for one-day money.