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Malaysia’s Ahmad Zaki subsidiary plans RM 1 billion sukuk facility
By Tanya Meyer
Chicago, Jan. 12 – Ahmad Zaki Resources Bhd. announced its wholly-owned subsidiary, EKVE Sdn. Bhd., plans to put in place a guaranteed sukuk murabahah facility for up to RM 1 billion in Islamic medium-term notes.
The facility will have a tenor of up to 22 years and issuance will be carried out within 60 days of the Jan. 7 lodgement date, according to a news release.
The facility has been given a preliminary long-term rating of AAA(bg) with a stable outlook by RAM Rating Services Bhd.
The facility was established under the Malaysia Security Commission’s new Guidelines on Unlisted Capital Market Products under its Lodge and Launch Framework.
BPMB and Maybank Investment Bank Bhd. are the joint principal advisers, lead arrangers and managers on the transaction.
Proceeds will be used to partially finance all costs associated with the development, design, construction and operations of the East Klang Valley Expressway.
Ahmad Zaki Resources is a Kuala Lumpur, Malaysia-based company with a focus on investment holdings, management services, and civil and structural works.
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