Ekovest Berhad’s subsidiary, Konsortium Lebuhraya Utara-Timur Sendirian Berhad (Kesturi), has issued RM 2.3 billion in nominal value sukuk musharakah and RM 180 million in nominal value junior bonds. The funds would primarily be used to redeem Kesturi’s existing RM 820 million nominal value Islamic medium term notes and RM 50 million nominal value redeemable secured junior bonds. Additionally, the amount raised would be used to fund the initial deposit in the finance service reserve account maintained under the sukuk programme. The proceeds would also be used to partially cover the construction, development, and financing costs; fees; and expenses for Phase 2 of the Duta–Ulu Kelang Expressway project.
