Malaysia’s Sunway sells first tranche of sukuk totaling RM 20 million

By Marisa Wong

Madison, Wis., June 5 – Sunway Bhd. announced a RM 20 million issue of Islamic medium-term notes. The notes were issued through Sunway Treasury Sukuk Sdn. Bhd., a wholly owned subsidiary of Sunway’s wholly owned subsidiary, Sunway Treasury Sdn. Bhd.

This is the first issue under Sunway’s RM 2 billion Islamic MTN/commercial paper program launched on Aug. 22, 2014. Kenanga Investment Bank Bhd. as the sole lead arranger, lead manager and facility agent for the sukuk program.

The program has a tenor of up to seven years from the date of the first issuance, as previously reported.

Proceeds from the initial tranche will be used to finance working capital.

Sunway is a real estate investment trust based in Petaling Jaya, Selangor, Malaysia. The subsidiary operates the Sunway Velocity shopping mall in Kuala Lumpur.

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