KUALA LUMPUR, Sunsuria Bhd has established a sukuk programme of up to RM500 million to strengthen its funding base and support future business expansion.
In a filing with Bursa Malaysia, the property developer said the Islamic medium-term notes programme (Sukuk Wakalah) has a tenure of 30 years from the date of first issuance.
The sukuk will be issued from time to time, subject to market conditions, and the proceeds will be utilised to refinance existing borrowings, fund working capital, and finance new projects in line with the group’s growth strategy. “The establishment of this sukuk programme provides Sunsuria with greater financial flexibility, diversification of funding sources, and the ability to better match long-term funding requirements with the group’s development pipeline,” it said.
The sukuk has been assigned a preliminary rating of A+IS by Malaysian Rating Corporation Bhd (MARC Ratings), reflecting the group’s credit profile and project delivery track record.
Analysts said the sukuk issuance is timely, as Sunsuria continues to pursue township developments and niche property projects while seeking to enhance recurring income streams. Sunsuria added that the programme will not have any immediate material effect on its earnings or net assets but is expected to contribute positively over the medium to long term.
