RCE Capital forms sukuk programe of up to RM900mil

KUALA LUMPUR: RCE Capital Bhd on Thursday announced the establishment of a sukuk murabahah asset-backed securitisation programme of up to RM900mil via Al Dzahab Assets Bhd (ADA), backed by loan receivables originated by RCE Marketing Sdn Bhd (RCEM).

In a filing with Bursa Malaysia, it said ADA was a trust-owned special purpose bankruptcy remote vehicle incorporated solely for the sukuk programme and had successfully launched its first issuance of RM155.48 million on June 21, 2016.

RCE’s wholly-owned subsidiary RCEM is the originator of the loan receivables and the sukuk programme is expected to increase the capital funds of RCEM for future business growth, in turn contributing positively to the earnings of the RCE group in future years.

The sukuk programme is RCE Capital’s fourth venture into the debt capital markets, in which AmInvestment Bank Bhd and Hong Leong Investment Bank Bhd are joint principal advisers, joint lead arrangers and joint lead managers. - Bernama