BURSA ANNOUNCEMENTS
OTHERS Issuance of sukuk based on the Shariah principle of Murabahah (via a Tawarruq arrangement) ("Sukuk Murabahah") of RM210.0 million in nominal value by a joint venture company, Grand Sepadu (NK) Sdn Bhd- Execution of Agreements
TALIWORKS CORPORATION BERHAD |
Type | Announcement | ||||||||||||||||||||||
Subject | OTHERS |
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Description | Issuance of sukuk based on the Shariah principle of Murabahah (via a Tawarruq arrangement) ("Sukuk Murabahah") of RM210.0 million in nominal value by a joint venture company, Grand Sepadu (NK) Sdn Bhd- Execution of Agreements |
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Further to the Company’s announcements dated 7 April 2015 and 29 April 2015 and pursuant to the Securities Commission Malaysia’s authorisation vide its letter dated 3 April 2015, Grand Sepadu (NK) Sdn Bhd (formerly known as Jejak Melewar Sdn Bhd) (“GSNK”) had on 4 June 2015 entered into agreements with the relevant parties to effect the issuance of Sukuk Murabahah. GSNK is a joint venture company in which TCB has 75% indirect interest and it is deemed as a joint arrangement under the Malaysian Financial Reporting Standard. The details of the Sukuk Murabahah are as follows: 1) Issue size The issuance of the Sukuk Murabahah shall not exceed RM210.0 million in nominal value comprising three (3) series as follows:-
The issuance of Sukuk Murabahah shall be in a single issuance with tenures of 5 years (Series 1), 8 years (Series 2) and 12 years (Series 3) commencing from the date of the issuance of the Sukuk Murabahah. 2) Profit Rate Series 1- 4.75% p.a.; Series 2- 5.05% p.a.; Series 3- 5.35% p.a. 3) Profit Payment Frequency Semi-annual basis in arrears. 4) Details on Utilisation of Proceeds by GSNK The proceeds raised from the issuance of the Sukuk Murabahah will be utilised for the following Shariah-compliant purposes:
The Company will make the appropriate announcement upon the issuance of the Sukuk Murabahah in due course. This announcement is dated 4 June 2015.
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Announcement Info
Company Name | TALIWORKS CORPORATION BERHAD |
Stock Name | TALIWRK |
Date Announced | 04 Jun 2015 |
Category | General Announcement for PLC |
Reference Number | GA1-04062015-00050 |