Al-‘Aqar sets RM3 billion aggregate limit for two sukuk programmes
The Islamic notes programme has a perpetual tenure, while the Islamic commercial papers programme will run for seven years.
Two sukuk programmes lodged by Al-‘Aqar Healthcare REIT will provide funding for investments, Islamic financing refinancing and working capital, subject to an aggregate nominal limit of RM3 billion. The REIT disclosed the programmes in a Bursa Malaysia filing on Oct 8.
Al-‘Aqar Capital Sdn Bhd will issue the sukuk. The programme for Islamic notes permits issuance of up to RM3 billion, while Islamic commercial papers (ICP) can be issued up to RM300 million. Outstanding amounts across both must remain within the aggregate limit.
According to the REIT, issuance proceeds will be advanced to it for investment activities, refinancing existing or future Islamic financing, working capital and general corporate purposes. Permitted uses also include refinancing sukuk reaching maturity that were issued under these programmes, paying programme expenses and funding the required deposit into the sukuk trustee’s reimbursement account.
The group said each issuance could be rated or unrated, with its rating status determined beforehand. Maybank Investment Bank Bhd and OCBC Al-Amin Bank Bhd serve as joint principal advisers and joint lead arrangers. Shariah advice is provided by Maybank Islamic Bhd.
At the Oct 8 close, the REIT’s units stood at RM1.15 after falling one sen or 0.9%, with market capitalisation at RM965.5 million. Their year-to-date decline was 10.2%.
