JOHOR BARU: Johor Corp (JCorp) has issued an Islamic medium term notes programme (IMTN) under the syariah principle of Wakalah Bil Istitmar.

The Sukuk Wakalah is irrevocably and unconditionally guaranteed by the Government for the entire nominal amount of RM3bil and any accrued profit distributions thereon.

The Sukuk Wasalah issued is made up of the following series:

·Series 1 – 5-year IMTN maturing on June 14, 2017 with a nominal amount of RM400mil and profit rate of the 5-year Malaysian Government Securities (MGS) + 25 basis points (all-in at 3.48%)

·Series 2 – 7-year IMTN maturing on June 14, 2019 with a nominal amount of RM800mil and 7-year MGS + 28 basis points (3.68%) and

·Series 3 – 10-year IMTN maturing on June 14, 2022 with a nominal amount of RM1.8bil and 10-year MGS + 29 basis points (3.84%)

The Sukuk Wasalah has received an overwhelming response and had been subscribed by 3.68 times, attracting a total of RM11.05bil through a book-building exercise.

It has received strong interest from a diverse investor base comprising financial institutions, insurance and takaful companies, asset managers and corporate investors.

“The proceeds from the Sukuk Wakalah will be utilised in the JCorp’s group restructuring and rationalisation exercise,’’ president and chief executive officer Kamaruzzaman Abu Kassim said in a press statement released here.

He said the exercise would strengthen the balance sheet of JCorp and the issuance of Sukuk Wakalah is one of the steps undertaken towards maximizing the value of the group’s assets.

CIMB Investment Bank Bhd and Maybank Investment Bhd are the joint lead arrangers.

CIMB Investment, Maybank Investment, AmInvestment Bank Bhd and Affin Investment Bank Bhd were the joint book runners.

Maybank Investment was also selected as the facility agent to manage the Sukuk Wakalah offering.

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