KUALA LUMPUR: Westports Holdings Bhd's subsidiary Westports Malaysia Sdn Bhd has established a sukuk Wakalah of up to RM5 billion.
In a filing to Bursa Malaysia, the port operator said it had lodged the documents in relation to the programme with the Securities Commission on March 7.
The sukuk, which has a perpetual tenure, was assigned an AAA/stable rating by RAM Rating Services Bhd on April 15.
According to Westports, the sukuk will provide the group with the flexibility to raise medium to long-term funding to meet its business funding requirements and general corporate purposes of the group.
Proceeds from the issuance of the Sukuk Wakalah will be used to finance the group's capital expenditure, assets acquisition, general corporate purposes and general working capital requirements.
It is also to refinance any existing Shariah-compliant financing and/or future Shariah-compliant financing.
The proceeds will be also used to provide Shariah-compliant intercompany financings and/or advances to the issuer's holding company and to defray any fees, costs and expenses in relation to the establishment and issuance of the sukuk Wakalah.
Maybank Investment Bank Bhd and OCBC Al-Amin Bank Bhd are the joint principal advisers, joint lead arrangers, joint lead managers and joint sustainability structuring advisers for the sukuk.
Maybank Islamic Bhd and OCBC Al-Amin Bank Bhd are the joint shariah advisers.