Kuala lumpur: SP Setia Bhd has lodged an Islamic notes issuance programme valued at up to RM3.5 billion and an Islamic commercial papers (ICP) programme of up to RM500 million with the Securities Commission Malaysia (SC) under the lodge and launch framework. The property developer detailed this major financial move in a filing with Bursa Malaysia.

According to BERNAMA News Agency, the Islamic notes issuance, known as the sukuk wakalah programme, includes the issuance of senior Islamic medium-term notes (senior sukuk wakalah) and subordinated perpetual Islamic notes (perpetual sukuk wakalah). The ICP programme has been set with a tenure of seven years, and the first issuance is expected to occur within 90 business days from the lodgement date. Each ICP issuance will have a tenure ranging from one month to a maximum of 12 months.

SP Setia stated that proceeds from the sukuk wakalah, except for those from the sustainability sukuk wakalah, will be allocated for Shariah-compliant purposes. HSBC Amanah Malaysia Bhd and Maybank Investment Bank Bhd are acting as the joint principal advisers and joint sustainability structuring coordinators for the sukuk programmes. Additionally, CIMB Investment Bank Bhd, HSBC Amanah, and Maybank IB are serving as the joint lead arrangers for this financial initiative.