Ekovest to issue RM3.6bil Islamic bonds

Road network: (From left) Lim showing Johari the SPE map. Looking on are AmBank Group CEO Datuk Sulaiman Mohd Tahir and Ekovest chairman Tan Sri Lim Kang Hoo.

PUTRAJAYA: Ekovest Bhd has signed an agreement with four local banks for the issuance of what is described as one of the largest ringgit-denominated sukuk wakalah worth RM3.64bil to partly fund the Setiawangsa-Pantai Expressway (SPE) project.

The 32.1-km highway, formerly known as the Duta Ulu Klang Expressway phase 3, is estimated to cost RM5.05bil, taking into consideration the debt service covering ratio within the construction. SPE has already secured a 53-year, six-month concession period with the Government.