Cypark's renewable energy park in Pajam
KUALA LUMPUR: Cypark Renewable Energy Sdn Bhd (CRE), a wholly-owned subsidiary of Cypark Resources Bhd
, has issued the second tranche of its remaining Perpetual Sukuk Musharakah of up to RM265mil.
The amount issued under the second tranche is RM100mil in nominal value with the balance of fully committed RM165mil to be issued at a later date, both on an unsecured basis.
These issuances are part of the Perpetual Sukuk Musharakah Programme of up to RM500mil, which was established by the company in June 2020.
The first tranche amounting to RM235mil had been earlier issued by CRE and was fully subscribed.
In a statement, Cypark said the proceeds raised from the second tranche issuance will be utilised for working capital, capital expenditure, repayment of existing financing/borrowings, defraying costs and other expenses in relation to the issuance of the Perpetual Sukuk Musharakah Programme.
“We are pleased to see this strong support and the commitment from our major shareholder, Jakel Capital Sdn Bhd that the full issuance size of up to RM265mil will be subscribed by them.
"The sukuk issuance will provide the sufficient capital requirement and we are confident that our ongoing renewable energy projects will be completed by the targeted completion dates, which will also set forth the future growth of the company," said Cypark Resources deputy CEO Lindayani Tajudin.
She added that Cypark is ready to actively participate in the recently announced National Energy Transition Roadmap that set a target to increase Malaysia’s renewable energy mix to 70% by 2050.
RHB Investment Bank Bhd was the principal adviser, lead arranger and lead manager for the Perpetual Sukuk Musharakah Programme and is the lead manager for the Tranche 2 issuance.
