Glomac Berhad (“Glomac”) has completed the lodgement of the issue documents in relation to its sukuk wakalah programme (the “Sukuk Programme”) with the Securities Commission Malaysia (“SC”) on 21 August 2024 under the SC’s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework.
 
The Sukuk Programme, which has a perpetual tenure and may comprise unrated sukuk wakalah and/or rated sukuk wakalah, will raise up to RM3.0 billion that will be utilised by Glomac and its subsidiaries to finance the acquisition of land, refinance debts, fund capital expenditure, working capital requirements and other corporate expenses that are Syariah compliant.
 
The first issuance under the Sukuk Programme, which is unrated and has a perpetual tenure, is expected within 90 business days from the lodgement date (or such extended date as may be approved by the SC), with each sukuk having a tenure of more than one year. The Sukuk Programme also offers the flexibility for future issuances of sustainability or sustainability-linked sukuk in compliance with relevant guidelines, frameworks and principles.
 
Maybank Investment Bank Berhad is the sole principal adviser, sole lead arranger, lead manager, and sustainability structuring adviser for the Sukuk Programme; whilst Maybank Islamic Bank Berhad is the shariah adviser for the programme.
 
Skrine acted for Glomac in the transaction. The team comprised Partners, Sharifah Shafika Alsagoff and Hafidah Aman Hashim and Associate, Ili Rawaida Mohmad Radhwan.
 
Media coverage of the transaction can be accessed at: