KUALA LUMPUR: TH Plantations Bhd’s (THP) special purpose vehicle, THP Suria Mekar Sdn Bhd (TSM), has completed the lodgement to the Securities Commission to establish a proposed Islamic Medium Term Notes programme of up to RM1.08bil in nominal value based on the syariah principle of wakalah bi al-istithmar (sukuk wakalah programme).

       In a filing with Bursa Malaysia yesterday, THP said the programme will have a perpetual tenure. Proceeds raised would be used to finance or refinance TSM’s existing or future Islamic financing, including the outstanding sukuk issued under TSM’s existing sukuk murabahah programme of up to RM1.2bil in nominal value.

       The filing said proceeds will also be used to finance THP group’s syariah-compliant business operations and working capital, as well as to defray expenses incurred to establish the sukuk wakalah programme. — Bernama