Lagenda Properties to Raise Up To MYR1.5 Billion Through Islamic Medium-Term Notes; Shares Up 4%
Lagenda Properties (KLSE:LAGENDA) plans to raise up to 1.50 billion Malaysian ringgit through an Islamic medium-term notes programme to finance investments and land acquisitions, according to a Friday filing to the Malaysian stock exchange.The company's shares were up nearly 4% in Monday's trade.The group made a lodgement with the Securities Commission Malaysia to establish the sukuk wakalah program on Friday. If approved, the program will give the company and its subsidiaries the flexibility to raise funds through the issuance of Sukuk Wakalah from time to time, up to 1.50 billion ringgit.Proceeds will also be used for working capital and the refinancing of existing loans, the company said.The program is perpetual tenure, with each sukuk issuance having a minimum tenure of one year. The first issuance is expected within 90 business days from the lodgement date.
