Kuala lumpur: UEM Sunrise Bhd has successfully completed the issuance of Islamic medium-term notes (IMTNs) amounting to RM500 million under its existing IMTN programme. The issuance represents a significant development in the company’s financial strategy.

According to BERNAMA News Agency, UEM Sunrise disclosed in a filing with Bursa Malaysia that the programme, in conjunction with its Islamic commercial papers programme, has a combined aggregate limit of up to RM4 billion. This structure is based on the shariah principle of murabahah via a tawarruq arrangement.

The property developer explained that the new IMTNs were issued in two tranches. The first tranche consists of RM200 million with a tenure of 10 years, maturing on July 30, 2035, while the second tranche comprises RM300 million with a tenure of 12 years, maturing on July 30, 2037.

The proceeds raised from these new IMTNs will be allocated for the company’s and its subsidiaries’ shariah-compliant general corporate purposes. This includes landbank and company acquisitions, investments, project development and infrastructure costs, capital and general expenditures, as well as refinancing of Islamic financing or outstanding loan facilities.