Aspen (Group) unit proposes sukuk ESG medium-term note program

By Mary-Katherine Stinson

Lexington, Ky., March 8 – Aspen (Group) Holdings Ltd.’s 30% associated company Global Vision Logistics Sdn. Bhd. on March 3 applied to the Securities Commission Malaysia to authorize an Islamic medium-term notes program, also known as the Asean Green SRI Sukuk Murabahah program, according to a press release.

The program will issue up to RM 1.5 billion in nominal value under the Shariah principle of Murabahah via the Tawarruq arrangement based on the Securities Commission Malaysia’s sustainable and responsible investment sukuk framework and the Asean Capital Markets Forums Asean green bond standards.

The first tranche comprising RM 620 million in nominal value is expected to be issued in the second quarter of 2023.

The certificates will not be listed on any stock exchange.

UOB Malaysia is the principal adviser, lead arranger and joint lead manager for the program.

AmInvestment Bank is the joint lead manager.

The proceeds raised from the program will be utilized to partially finance Global Vision’s intended phased development of an integrated logistics and warehousing facility in Shah Alam, Malaysia. The project is set to be the first green-certified logistics hub in Malaysia and is expected to be completed over two phases with phase one completed by mid-2025.

The total project cost will be funded up to 70% by the proceeds raised from the sukuk offerings.

George Town, Malaysia-based Aspen (Group) Holdings Ltd. is an investment company which engages in real estate development.

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