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Published: Thursday June 6, 2013 MYT 5:32:00 PM

Batu Kawan completes issuance of RM500m Sukuk


KUALA LUMPUR: Batu Kawan Bhd had on Thursday completed the issuance of its RM500mil Sukuk Musharakah under its Islamic medium term notes programme.

It said the maturity data was June 6, 2023 while the periodic distribution rate was 4.05% per annum and to be fully redeemed in cash.

"This marks Batu Kawan's maiden issuance into the debt capital markets. The proceeds from the issuance of the Sukuk Musharakah shall be utilised to finance Batu Kawan and its group of companies' Shariah-compliant investments, general corporate purposes (including operational and capital expenditure requirements) and working capital requirements," it said.

RAM Rating Services Bhd had assigned a long-term rating of AA1 to the Sukuk Programme with a stable outlook.

Proceeds from the Sukuk programme would be used to finance its Shariah-compliant investments, general corporate purposes (including operational and capital expenditure requirements) and working capital needs.

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