KUALA LUMPUR: Eco World Development Group Bhd’s wholly owned subsidiary Eco World Capital Bhd has issued its second tranche of the rated sukuk wakalah amounting to RM550 million with a tenure of five years.

In a filing with Bursa Malaysia today, Eco World said the second sukuk Issuance is under the rated sukuk wakalah programme of RM1.2 billion in nominal value based on the shariah principle of wakalah bi al-istithmar.

Proceeds from the sukuk Issuance shall be utilised by EcoWorld Malaysia, its subsidiaries and any joint ventures which the EcoWorld Malaysia group is a party to, for working capital requirements, capital expenditures (which include land acquisition) and shariah-compliant investments.

“Also, the proceeds will be use for refinancing of any existing financing/borrowings or future shariah-compliant financing obligations; and general corporate purposes,” it added. – Bernama