Malaysia's Aeon rolls out RM 400 million perpetual sukuk program

By Marisa Wong

Madison, Wis., Nov. 7 - Malaysia's Aeon Credit Service (M) Bhd. has proposed an up to RM 400 million perpetual sukuk program. The Securities Commission Malaysia authorized the program on Wednesday, according to a Bursa Malaysia announcement.

Proceeds from the issuance of subordinated Islamic perpetual notes will be used for working capital and investments.

Previously, the company announced that the Securities Commission approved an up to RM 400 million perpetual private debt securities program on Oct. 29.

Hong Leong Investment Bank Bhd. is the lead arranger for both the perpetual sukuk and the perpetual private debt securities.

The company said it established the perpetual sukuk program on top of the perpetual private debt program for flexibility in raising funds.

Aeon is a financial services company based in Kuala Lumpur.

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