Naza TTDI Sdn Bhd has established a Sukuk Murabahah Programme of up to RM300 million in nominal value (Sukuk Programme) via its wholly-owned subsidiary Naza TTDI Capital Berhad.
The Sukuk Programme was lodged with the Securities Commission on 22nd April 2021 and the Sukuk Programme will allow Naza TTDI to issue Sukuk over the next 15 years.
In a statement Naza said the Sukuk to be issued under the Sukuk Programme will be backed by properties owned by Naza TTDI located in KL Metropolis.
“Proceeds from the Sukuk programme will be used amongst others for the development of KL Metropolis and other general corporate purposes,” the group said.
Alliance Investment Bank Berhad was appointed as the Principal Adviser and Lead Arranger as well as the Lead Manager for the Sukuk Programme.
“Naza TTDI is master developer of KL Metropolis and the Sukuk Programme will provide the necessary funding for the Company to accelerate the development of KL Metropolis. The Sukuk Programme also allows Naza TTDI to diversify its financing via the capital markets for other upcoming developments in Platinum Park, Taman Tun Dr. Ismail, Alam Impian, Cheras, and Penang.” said Naza TTDI’s Chief Executive Officer, Mr. Daniel Lim Hin Soon.
“The revival of the MRT3 project as announced by the Transport Minister recently could also bode well for the Company following a proposed station to be situated within KL Metropolis in which the tender will be called this coming August 2021” he added.
Naza TTDI focuses on its flagship KL Metropolis township which spans 75.5 acres with Malaysia International Trade and Exhibition Centre (MITEC) at its center.
With an estimated Gross Development Value of RM21.0 billion, it is centrally located within 7 km from KLCC. KL Metropolis was launched on Oct 25, 2011, with four strategic joint venture partners.
Source The Malaysian Reserve