KUALA LUMPUR: Eco World Development Group Bhd’s (EcoWorld Malaysia) wholly-owned subsidiary, Eco World Capital Bhd, has issued a RM300 million sukuk wakalah. In a filing with Bursa Malaysia today, the property developer announced that the sukuk is issued in two tranches.
According to BERNAMA News Agency, the first tranche of RM100 million has a tenure of three years, while the second tranche of RM200 million has a tenure of seven years. The proceeds from the sukuk will be utilized for working capital requirements and capital expenditures.
This includes land acquisitions, shariah-compliant investments, refinancing or repayment of any existing debt obligations or future shariah-compliant financing obligations, and general corporate purposes, it added.