PETALING JAYA: SkyWorld Development Group has raised RM50 million through the first tranche of its Sukuk Musharakah Islamic Medium-Term Notes (IMTN) Programme, which forms part of its RM1 billion Islamic bonds issuance.
The property developer said in a statement today, its first landmark RM1 billion financial programme has been set up comprising RM600 million Sukuk Musharakah IMTN Programme and a RM400 million Sukuk Murabahah Islamic Commercial Papers (ICP) Programme, through its special purpose financial vehicle SkyWorld Capital Bhd.
Under the financial programme, SkyWorld and its group of companies will sell their beneficial interest under the respective development projects. The future progress billings with regard to the relevant development projects will be used to fund the remaining construction costs as well as to meet the issuer’s fees, expenses and obligations under each facility.
SkyWorld founder and group managing director Datuk Ng Thien Phing said this is the first structured transaction in Malaysia involving unbilled sales and the first to involve affordable housing.
“Globally, this is also the first shariah-compliant securitisation of progress billings in the market, allowing SkyWorld to more efficiently manage project development cash flows. Despite being a relatively young and emerging developer, SkyWorld is always on the lookout for innovative funding.”
“With over 130 acres of quality land banks totalling more than RM13 billion in gross development value, we are on the right track of transforming the city and unlocking our land value.”
Source: The Sun Daily