Home > Uncategorized > Indonesia’s GAR issue RM1.5b sukuk

Indonesia’s GAR issue RM1.5b sukuk


KUALA LUMPUR: Golden Agri-Resources Ltd (GAR)’s unit, Golden Assets International Finance Ltd, has  issued RM1.5 billion Islamic medium-term notes (IMTNs) pursuant to its 15-year ringgit-denominated IMTN programme of up to RM5 billion.

GAR, whose parent is Indonesia’s Sinar Mas group, is currently listed on Singapore Exchange Securities Trading Ltd.

In a statement yesterday, GAR said Malaysia is ideal for sukuk issue, given its well-established and advanced sukuk market with abundant liquidity and familiarity with the palm oil industry.

The 5-year IMTNs will mature in November 2017, it said. “The net proceeds will be used for the company’s general corporate purposes which are in compliance with syariah principles.”
OSK Investment Bank Bhd and RHB Investment Bank Bhd are the joint principal advisers/joint lead arrangers for the programme and the joint lead managers/joint underwriters and primary subscribers for the IMTNs.

Its chairman and chief executive officer Franky Oesman Widjaja said the sukuk will help strengthen its balance sheet, extend the overall debt maturity profile, maximise financial flexibility and enhancing its position to execute growth plans. —Bernama

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: