Pesona Metro unit SEP Resources proposes sukuk of up to RM150m

Pesona Metro unit SEP Resources proposes sukuk of up to RM150m

PETALING JAYA: Pesona Metro Holdings Bhd’s 70%-owned subsidiary SEP Resources (M) Sdn Bhd proposes to issue Islamic medium-term notes of up to RM150 million in nominal value under the syariah principle of Wakalah Bi Al-Istithmar.

The group told Bursa Malaysia that the sukuk wakalah will have a tenure of 11 years from the date of issuance.

The proceeds from the sukuk wakalah issuance will be utilised for the subscription of murabahah stocks to be issued by Budaya Positif Sdn Bhd, a wholly-owned subsidiary of SEP Resources.

The sukuk wakalah is secured against a list of securities including the corporate guarantee from Pesona Metro and has been accorded with a preliminary long-term rating of “AA1” (stable outlook) by RAM Rating Services Bhd.

MIDF Amanah Investment Bank Bhd and Public Investment Bank Bhd are the joint principal advisers, joint lead arrangers and joint lead managers for the sukuk wakalah.

source https://www.thesundaily.my/business/pesona-metro-unit-sep-resources-proposes-sukuk-of-up-to-rm150m-DM1680162