EcoWorld's unit issues RM300mil sukuk wakalah

KUALA LUMPUR: Eco World Development Group Bhd’s (EcoWorld Malaysia) wholly-owned subsidiary, Eco World Capital Bhd, has issued a RM300 million sukuk wakalah.

In a filing with Bursa Malaysia today, the property developer said the sukuk is issued in two tranches.

"The first tranche of RM100 million has a tenure of three years and the second tranche of RM200 million has a tenure of seven years,” said EcoWorld Malaysia.

Proceeds from the sukuk would utilised for working capital requirements and capital expenditures.

This includes land acquisitions, shariah-compliant investments, refinancing or repayment of any existing debt obligations or future shariah-compliant financing obligations, and general corporate purposes, it added. - Bernama