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- Proceeds from the debt notes to be issued under the programme will finance the REIT’s investment activities, refinance maturing sukuk wakalah under the programme, and fund requisite deposit in a sukuk trustee reimbursement account.
KUALA LUMPUR (Sept 11): Al-Salam Real Estate Investment Trust (KL:ALSREIT) has proposed the establishment of a sukuk programme worth up to RM3 billion in nominal value.
The programme, which involves the issuance of senior Islamic medium-term notes and subordinated perpetual Islamic notes, was lodged with the Securities Commission Malaysia on Aug 29, the REIT said in an exchange filing on Thursday.
Proceeds from the debt notes to be issued under the programme will finance the REIT’s investment activities, refinance maturing sukuk wakalah under the programme, and fund requisite deposit in a sukuk trustee reimbursement account.
“Issuance of the sukuk wakalah from time to time under the sukuk wakalah programme may be rated and/or unrated which will be determined prior to each issuance,” said. Al-Salam REIT.
The programme, which will have a perpetual tenure, also allows for the issuance of sukuk on sustainability.
Units in Al-Salam REIT ended 2.5 sen or 6.02% higher at 44 sen on Thursday, valuing the REIT at RM255.2 million.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
