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Thursday, July 18, 2024

Launch Partners

Sunway South Quay proposes Sukuk Wakalah program of up to RM2 billion (US$421.36 million) with flexibility to issue SRI Sukuk

MALAYSIA: Sunway South Quay (SSQ), an indirect wholly-owned subsidiary of Sunway, has proposed a perpetual Sukuk Wakalah program of up to RM2 billion (US$421.36 million), a bourse filing confirmed. The program provides SSQ with the flexibility to issue Sukuk in compliance with green, social, sustainability, sustainability-linked and SRI guidelines issued by Securities Commission Malaysia.

HSBC Amanah Malaysia has been appointed as the sole principal advisor, lead arranger, lead manager, bookrunner, Shariah advisor and sustainability structuring agent for the program.

The Sukuk program is unrated while SSQ’s Sustainable Finance Framework has been assigned a ‘Gold’ impact assessment by MARC Ratings. Proceeds from the issuance will fund working capital requirements and general corporate purposes of the group, among others.

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