Malaysia’s IJM to raise about $916 mln from sukuk

Malaysian builder IJM Corporation Bhd will issue Islamic bonds, or sukuk, worth 3 billion ringgit ($915.75 million) to finance future investments and capital spending, it said in an stock exchange filing on Thursday.

The sukuk will have a tenure of 20 years from the first issuance date, the company said, adding that it had received approval from the securities commission for the issue.

“The proceeds raised from the Sukuk Murabahah Programme will be utilized to finance working capital requirements, future investments, capital expenditure other general corporate purposes,” IJM said.


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