KUALA LUMPUR: TH Plantations Bhd's (THP) special purpose vehicle, THP Suria Mekar Sdn Bhd (TSM), has completed the lodgement to the Securities Commission Malaysia to establish a proposed Islamic Medium Term Notes (IMTN) programme of up to RM1.08 billion in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar (Sukuk Wakalah programme).

 

In a Bursa Malaysia filing, THP said the programme will have a perpetual tenure.

 

Proceeds raised would be used to finance or refinance TSM's existing or future Islamic financing, including the outstanding sukuk issued under TSM's existing Sukuk Murabahah programme of up to RM1.2 billion in nominal value.

 

The filing said proceeds will also be used to finance THP group's Shariah-compliant business operations and working capital, as well as to defray expenses incurred to establish the Sukuk Wakalah programme. 

 

For the avoidance of doubt, the Sukuk Wakalah proceeds can be advanced within THP, via Shariah-compliant facilities for Shariah-compliant purposes, the filing said.

 

Maybank Investment Bank Bhd is the principal adviser, lead arranger and lead manager for the Sukuk Wakalah programme.