By Marisa Wong
Madison, Wis., March 31 – Malaysia’s Mah Sing Group Bhd. issued RM 540 million of perpetual sukuk on Tuesday, according to a Bursa Malaysia announcement.
The sukuk will carry a periodic distribution rate of 6.8% per year and will be callable at par five years after the issue date.
CIMB Investment Bank Bhd. is the lead arranger and a joint lead manager with Maybank Investment Bank Bhd.
Proceeds will be used for investments and working capital and to refinance existing borrowings.
The issuance will allow Mah Sing to lock in long-term fixed rate financing and rebalance its existing capital structure and help it achieve a balanced ratio of conventional and Islamic funding, according to the announcement.
Mah Sing had obtained approval for the sukuk from the Securities Commission Malaysia on Jan. 28.
Mah Sing is a Kuala Lumpur-based real estate developer and plastic products manufacturer.
| Issuer: | Mah Sing Group Bhd.
|
| Issue: | Perpetual sukuk
|
| Amount: | RM 540 million
|
| Maturity: | Perpetual
|
| Managers: | CIMB Investment Bank Bhd. (lead arranger) and Maybank Investment Bank Bhd.
|
| Coupon: | 6.8%
|
| Call option: | At par five years after issue date
|
| Settlement date: | March 31
|
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