Country Garden Real Estate Sdn Bhd (CGRE) has successfully issued three tranches of Islamic sukuk totalling RM495 million last month with the longest tenure being seven years, despite the down cycle in the global market following the Covid-19 pandemic.
These issuances fully reflected the confidence that the Malaysian capital market has in both Country Garden Group and CGRE’s long-term development in Malaysia, the company said in a statement here, today.
In addition, RAM Ratings had in September 2019 reaffirmed the AA3/Stable rating of CGRE’s Islamic Medium-Term Note (IMTN) Programme.
CGRE’s IMTN Programme was set up in 2015, which was the first-ever ringgit sukuk issued by a China-related corporate entity.
“Malaysia has been a strategic investment market for the group, which currently has five projects launched — two in the Klang Valley and three in Johor,” the company added.
Country Garden Malaysia currently has strong cash flow with a healthy balance sheet and sales have remained resilient across all projects. Moving forward, the group will continue to explore more investment opportunities in Malaysia.
Source EdgeProp