QI issues RM100m sukuk to build university campus
QI group has launched its Sukuk Ijarah Programme worth RM100 million to raise funds for land acquisition and construction of its proposed Quest International University (QIU) campus in Ipoh, Perak.
Bank Pembangunan Malaysia Bhd (BPMB) is the primary subscriber at RM60 million, of the programme. The Sukuk Ijarah is issued via Silver Formula ABS Bhd, a special purpose company set-up to undertake the transaction.
According to QI Capital CEO Shekhar Balasubramaniam, the 10-acre campus, which will be located in Gunung Lang, is expected to start construction in the second half of next year and to be completed within three years.
“Technically, we should be looking to start construction work on the campus by the second half of 2024 and it’s a 30 month or a three year construction. We’re looking (to complete it by) 2027,” he told reporters during the press conference after the signing ceremony between QI and BPMB yesterday.
Its group managing director Kuna Senathirajah shared that currently it has an enrolment of about 2,000 students and has reached full capacity in Perak.
“As a growing university, we can earmark
for at least 6,000 students … with the new campus. Currently, our student demographics comprise students from 50 countries who have been to QIU,” he said.
Kuna said the overall cost for the whole campus, including the land, will be in the range of RM120 million to RM150 million.
He said the sukuk programme will raise
the initial funds albeit moving forward, there may be further fundraising required to complete the campus.
Founded in 1998, QI group is a multinational conglomerate with interests in education, travel and leisure, direct selling, property development, as well as retail.