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Malaysia’s DRB-Hicom sets up RM 2 billion perpetual sukuk program
By Marisa Wong
Madison, Wis., Dec. 1 – DRB-Hicom Bhd. announced a RM 2 billion perpetual sukuk program.
The Securities Commission Malaysia approved the program on Nov. 27, according to a Bursa Malaysia announcement.
CIMB Investment Bank Bhd. is the principal adviser, lead arranger and lead manager for the sukuk program.
The first issuance is to be made within two years of the date of approval from the Securities Commission.
The perpetual sukuk will be callable and may be subject to a step-up in the distribution rate.
Proceeds will be used for investments, as loans to the issuer’s subsidiaries, for working capital, as well as to refinance outstanding borrowings.
Malaysian Rating Corp. Bhd. has assigned a preliminary rating of AIS to the sukuk.
DRB-Hicom is a Shah Alam, Malaysia-based automotive manufacturing, assembly and distribution company. The company is also engaged in the services and property and infrastructure sectors.
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