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KUALA LUMPUR (June 12): Malaysian Resources Corp Bhd (MRCB) is raising up to RM5 billion from a sukuk issuance to “fund business growth and to meet future funding requirements”.

“Proceeds raised from the Sukuk Murabahah issuance shall be utilised by the company and its subsidiary companies for general working capital, capital expenditure and other general corporate purposes, which shall be shariah compliant,” it said in a bourse filing today.

The group had made a lodgement to the Securities Commission for the establishment of the proposed Islamic medium-term notes programme based on the shariah principle of murabahah.

According to MRCB, the Sukuk Murabahah will have a perpetual programme tenure and has been assigned a preliminary rating of AA-IS by Malaysian Rating Corp Bhd.

HSBC Amanah Malaysia Bhd and Maybank Investment Bank Bhd are the joint principal advisers, joint lead arrangers and joint lead managers for the programme.

Shares in MRCB ended the day 1.92% lower, down one sen to 51 sen, with 14.52 million units done. This gave the company a market capitalisation of RM2.25 billion.

http://www.theedgemarkets.com/article/mrcb-issues-perpetual-sukuk-raise-rm5b
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