Perak Transit Bhd has announced plans to raise RM1.5 billion through a perpetual Sukuk Wakalah programme in Malaysia. The funds will be used to finance capital expenditures and working capital, particularly for the construction of Terminal Seri Iskandar, an integrated bus transport terminal cum commercial complex in Bandar Seri Iskandar, Perak.
The Sukuk programme will also refinance existing Shariah-compliant financing and conventional borrowings. Relevant documents for the Sukuk programme have been lodged with the Securities Commission Malaysia. The programme has a perpetual tenure, allowing for Sukuk issuance as needed. AmInvestment Bank Bhd and United Overseas Bank (Malaysia) Bhd are the principal advisers, lead arrangers, and lead managers for the Sukuk programme.