KUALA LUMPUR: Tan Chong Motor Holdings Bhd has proposed to issue RM1.5bil Islamic medium-term notes in nominal value based on the syariah principle of murabahah (sukuk murabahah programme).

       In a filing with Bursa Malaysia yesterday, the company said the sukuk has a tenure of 30 years.

       “Proceeds from the issuance shall be utilised by Tan Chong and its subsidiaries for capital expenditure, working capital requirements, general corporate purposes, projects, investments and asset acquisitions that are being undertaken and/or to be undertaken in the future.” — Bernama