KUALA LUMPUR, Sept 27 – Johor Plantations Group Bhd has successfully issued its inaugural Sukuk Wakalah in aggregate of RM1.35 billion in nominal value from its Sukuk Wakalah Programme.
The group said the issuance will significantly reduce its annual interest expenses.
“The blended profit rate for the RM1.3 billion Islamic Medium-Term Notes (IMTN) issuance is set at 4.08 per cent compared to an average of 5.12 per cent on existing facilities.
“This translates to an approximate saving of RM12.8 million annually, improving the group’s cash flow and enhancing profitability,” Johor Plantations said in a statement.
The group said upon repayment of the Islamic Syndicated Term Financing of RM1.5 billion and the Islamic Term Financing of RM500 million, collateral valued at RM2.4 billion will be released.
