PETALING JAYA (July 31): Genting Plantations Bhd's wholly owned property arm has completed the inaugural RM200 million issuance under its RM2 billion Sukuk Murabahah Programme, with proceeds to be used mainly to finance and/or reimburse the group's property development costs.

It said in a Bursa Malaysia filing on Friday (July 31) that the five-year, unrated Islamic medium-term notes were issued by Bina Restu Bhd, a wholly owned subsidiary of Genting Property Sdn Bhd, which is in turn a wholly owned subsidiary of Genting Plantations, according to a Bursa Malaysia filing on Friday.

For the inaugural issuance, the RM200 million proceeds will be used specifically to finance and/or reimburse property development costs undertaken by the group.

Public Investment Bank Bhd is the principal adviser and lead arranger for the Sukuk Murabahah Programme, as well as the lead manager for the first issuance.

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