Sunway Bhd announced on Thursday that one of its subsidiaries plans to raise up to RM10 billion through a sukuk wakalah programme to support working capital and refinance existing borrowings.
Sunway Treasury Sdn Bhd, a wholly owned unit of Sunway City Sdn Bhd, which is in turn fully owned by Sunway, has submitted the necessary documents to the Securities Commission Malaysia for the sukuk programme, according to a Bursa filing.
The sukuk programme will have a perpetual tenure, while each issuance will carry a tenure of over one year, with specific terms determined before issuance. The first tranche will be backed by a corporate guarantee from Sunway.
Proceeds from the sukuk are intended for capital expenditure, investments, general corporate purposes, working capital, refinancing of both Shariah-compliant and conventional borrowings, programme-related fees, and inter-company advances within the Sunway Group.
OCBC Al-Amin Bank Bhd has been appointed as principal adviser, lead arranger, lead manager, sustainability structuring adviser, and Shariah adviser for the programme.
Last month, another Sunway subsidiary, Sunway Cochrane Sdn Bhd, proposed a separate RM2 billion sukuk wakalah programme to support working capital and expansion plans.
As of September 2025, Sunway reported cash and bank balances of RM6.52 billion, with short-term debt of RM6.34 billion and long-term borrowings of RM6.08 billion.
Shares of Sunway closed unchanged at RM5.58 on Thursday, giving the group a market value of RM38 billion.
