EcoWorld issues RM850 Mln Sukuk Wakalah

KUALA LUMPUR, Nov 11 (Bernama) -- Eco World Development Group Bhd’s (EcoWorld) wholly owned subsidiary, Eco World Capital Bhd, has issued RM850 million in rated sukuk wakalah under its RM3 billion programme.

In a filing with Bursa Malaysia, EcoWorld said it was the fifth issuance under the programme, which is based on the Shariah principle of Wakalah Bi Al-Istithmar.

“The issuance comprised three tranches: RM150 million with a five-year tenure, RM550 million with a seven-year tenure and RM150 million with a 10-year tenure,” it said.

EcoWorld said the proceeds from the issuance will be used for working capital requirements, capital expenditure (including land acquisitions), Shariah-compliant investments and general corporate purposes.

-- BERNAMA