MALAYSIA: Cypark Renewable Energy, a wholly-owned subsidiary of Cypark Resources, has issued the third tranche of its perpetual Sukuk Musharakah for an amount of RM165 million (US$35.05 million), a bourse filing read.
The Sukuk has been fully subscribed by Jakel Capital, the major shareholder of the company.
Proceeds from the issuance will be used for the company’s working capital, capital expenditure, repayment of existing financing and borrowings, defraying costs and other expenses related to the Sukuk issuance.
RHB Investment Bank was the principal advisor, lead arranger and lead manager for the perpetual Sukuk Musharakah program and is also the lead manager for the third tranche Islamic facility.