IOI Properties unit raises RM1.2b via sukuk

By TMR

IOI Properties Group Bhd’s wholly owned subsidiary, Fortune Premiere Sdn Bhd, has made its third sukuk issuance of RM1.2 billion in nominal value under its sukuk murabahah programme.

In an exchange filing last Friday, IOI Properties noted the sukuk issuance by Fortune Premiere is under its multi- currency Islamic medium-term note programme of up to RM3 billion.

The Islamic bonds were issued in two tranches namely Tranche 3 of RM300 million and Tranche 4 of RM900 million. Tranche 3 has a tenure of five years with a profit rate of 4.85% per annum, while Tranche 4 has a tenure of seven years and a profit rate of 5.05% per annum.

The property developer said the proceeds raised will be utilised for capital expenditure, working capital requirements, refinancing of existing borrowings and general corporate purposes. — TMR