Malaysia’s KPJ unit sets up sukuk programs totaling RM 1.5 billion

By Marisa Wong

Madison, Wis., Nov. 20 – Malaysia’s KPJ Healthcare Bhd. said its wholly owned subsidiary, Point Zone (M) Sdn. Bhd., proposed an Islamic medium-term note program and an Islamic commercial paper program.

The Securities Commission Malaysia has authorized the company to establish the sukuk programs, according to a Bursa Malaysia announcement.

The sukuk programs have a combined limit of RM 1.5 billion, with a sublimit of RM 500 million for the paper program.

The Islamic MTN program has a tenor of 10 years, and the paper program has a tenor of seven years.

Affin Hwang Investment Bank Bhd. and Maybank Investment Bank Bhd. are the joint principal advisers and joint lead arrangers for the sukuk programs.

Proceeds will be used to refinance Point Zone’s existing RM 500 million commercial paper and medium-term notes program or its up to RM 450 million bridge loan facility and to finance the expansion and working capital requirements of KPJ’s health care businesses.

KPJ is a Kuala Lumpur-based private health care provider with hospitals in Malaysia, Indonesia, Bangladesh and Saudi Arabia.

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