KUALA LUMPUR (Bernama) -- Mah Sing Group Bhd has completed an issuance of secured and unrated Sukuk Murabahah of RM300 million in nominal value under the company’s existing Sukuk Murabahah Programme.

       In a filing with Bursa Malaysia today, the property developer said the secured and unrated Islamic medium term notes has a tenure of five years and carries a fixed profit rate of 4.90 per cent per annum payable semi-annually.

       "Proceeds from the sukuk will be utilised for shariah-compliant purposes which may include land banking, capital expenditures, investments and working capital of Mah Sing and its subsidiaries and associate companies.

       "It also includes refinancing of the group’s existing borrowings and redemption of unrated perpetual securities," it said.

       Mah Sing said the issuance of the Sukuk Murabahah will not have any effect on the issued share capital of the company, the substantial shareholders’ shareholdings in the company, and the group’s net assets per share.

       "The effect on earnings per share and net debt position of the group will depend on the specific use of proceeds which has not been determined at this juncture," it said.

       Hong Leong Investment Bank Bhd (HLIB) has been appointed as the principal adviser, lead arranger and lead manager for the programme.