George Kent (Malaysia) Raises MYR80 Million via Islamic Debt Issue

MT Newswires Live03-27

Water metering products supplier George Kent (Malaysia) (KLSE:GKENT) raised 80 million ringgit in nominal value under its Sukuk Wakalah Program.

The three-year issuance carries a 6% annual distribution rate and is rated A+is (stable) by Malaysian Rating, according to a Friday Malaysian bourse filing.

Proceeds from the issuance will be used to refinance existing borrowings and future Islamic financings, including any outstanding Islamic medium-term notes.

AmInvestment Bank acted as sole principal adviser and lead arranger, with AmBank Islamic serving as Shariah adviser. Meanwhile, Affin Hwang Investment Bank was the sole lead manager for this issuance.

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