SkyWorld raises RM50m through sukuk transaction
Published on: Tuesday, December 12, 2017
Kuala Lumpur: Property developer SkyWorld Development Group has raised RM50 million through Tranche 1 of its Sukuk Musharakah IMTN Programme on Dec 8.In a statement Monday, the company said it has established its first landmark RM1.0 billion financial programme, comprising RM600 million Sukuk Musharakah IMTN Programme and a RM400 million Sukuk Murabahah ICP Programme through a special-purpose financial vehicle, SkyWorld Capital Bhd.Under this programme, SkyWorld would sell their beneficial interest under the respective development projects and the future progress billings of projects would be used to fund the remaining construction costs, issuer's fees, expenses and obligations under each facility.
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SkyWorld Founder/ Group Managing Director Datuk Ng Thien Phing said that this is the first Shariah-compliant securitisation of progress billings in the market, allowing SkyWorld to manage project development cash flows more efficiently.Stay up-to-date by following Daily Express’s Telegram channel.
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"With over 52.6 hectares of quality land banks valued more than RM13 billion in gross development value, we are on the right track in transforming the city and unlocking our land value," he said.The RM50 million Tranche 1 IMTN is secured against 1,260 sales and purchase agreement for its SkyAwani Residence project in Sentul, Kuala Lumpur, while the unrated Tranche 1 ICP of up to RM41 million, which is meant to underwrite construction of SkyAwani development and liquidity risk of Tranche 1, is guaranteed by Danajamin Nasional Berhad and fully underwritten by Alliance Investment Bank Bhd. – Bernama