Kimlun raises RM31.66 million through Islamic commercial papers
The latest issuance brings cumulative funds raised under the group's Islamic financing programme to RM235.69 million across 14 issuances.
Kimlun Corp Bhd has obtained RM31.66 million from issuing Islamic commercial papers (ICPs), with the construction and engineering group earmarking the funds for working capital, capital expenditure and refinancing. The company disclosed the fundraising in a Bursa filing on Oct 30.
The financing consists of RM16.4 million carrying a six-month tenure and RM15.26 million carrying a one-year tenure. Kimlun said it and its subsidiaries would also use the proceeds for general corporate purposes that comply with shariah requirements.
The ICP facility sits within an Islamic financing programme capped at RM800 million. That programme also covers Islamic medium-term notes (IMTNs), with both instruments using murabahah structured through tawarruq.
Earlier filings showed that 13 issuances since November 2021 had raised RM204.03 million, split between RM75 million in IMTNs and RM129.03 million in ICPs. The latest fundraising takes the programme's cumulative proceeds to RM235.69 million from 14 issuances.
OCBC Al-Amin Bank Bhd serves as the programme's shariah adviser and principal adviser, alongside its roles as lead manager and lead arranger.
Kimlun closed at 84 sen on Oct 30 after gaining two sen or 2.44%, valuing the group at RM324.56 million. Its shares have declined by more than 36% year to date.
