Boustead issues RM500m IMTN

PETALING JAYA: Boustead Holdings Bhd has issued RM500 million of Islamic medium term note (IMTN), the first under a RM2 billion sukuk programme.
Boustead had signed the agreements for the sukuk programme on Aug 25, 2017.
The sukuk programme, which is an unrated sukuk programme, is implemented under Securities Commission Malaysia's Guidelines on Unlisted Capital Market Products under The Lodge and Launch Framework.
The tenure of the programme is 10 years.
"The proceeds raised from the first issuance will be utilised to refinance existing borrowings/financing, funding of reserve account to meet minimum required balance under the terms and conditions of the sukuk programme and to pay fees and expenses relating to the sukuk programme," Boustead said.
Boustead closed unchanged at RM2.70, with 140,300 shares traded.