KUALA LUMPUR: Naza Group's property arm Naza TTDI Sdn Bhd has established a sukuk Murabahah programme of up to RM300 million o help fund its KL Metropolis development.
The sukuk programme was lodged with the Securities Commission on April 22 and would allow Naza TTDI to issue sukuk over the next 15 years.
"The sukuk to be issued will be backed by properties owned by Naza TTDI located in KL Metropolis.
"Proceeds from the sukuk will be used among others for the development of KL Metropolis and other general corporate purposes," Naza TTDI said in a statement today.
According to Naza TTDI chief executive officer Daniel Lim Hin Soon, the sukuk would provide the necessary funding for it to accelerate the development of KL Metropolis.
"It also allows Naza TTDI to diversify its financing via the capital markets for other upcoming developments in Platinum Park, Taman Tun Dr. Ismail, Alam Impian, Cheras, and Penang," he added.
Lim said the revival of the MRT3 project announced by the Transport Minister recently could also bode well for the company following a proposed station to be situated within KL Metropolis in which the tender would be called in August.
Alliance Investment Bank Bhd is the principal adviser as well as lead arranger and lead manager for the sukuk.