Paramount to raise up to RM800m via sukuk

PETALING JAYA: Paramount Corp Bhd has proposed to raise up to RM800 million through its unrated Islamic medium-term notes programme.

The group told Bursa Malaysia that its wholly-owned subsidiary Paramount Capital Resources Sdn Bhd had on Dec 28, 2018 made a lodgement to Securities Commission Malaysia (SC) for the establishment of the programme based on the syariah principle of murabahah under SC’s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework.

The sukuk murabahah programme has a tenure of up to 20 years.

Proceeds raised will be used to finance/reimburse the group’s lands acquisition, investment assets and/or property development project; working capital requirement and/or general corporate purposes as well as settlement of existing and future borrowings/financings.

Public Investment Bank Bhd is the principal adviser, lead arranger, security agent and facility agent whilst Amanie Advisors Sdn Bhd is the syariah adviser for the sukuk murabahah programme.

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