(from left) Idzham, Iskandar, Oh-Lau and Chong at the commemoration ceremony.

KUALA LUMPUR: Glomac Bhd and Maybank today commemorated the establishment of Glomac’s Islamic medium-term notes programme of up to RM3bil in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar (Sukuk Wakalah Programme).

Maybank Investment Bank Bhd is the sole principal adviser, lead arranger and manager while Maybank Islamic Bhd is the Shariah Adviser for the Sukuk Wakalah Programme.

The Sukuk Wakalah Programme is a pivotal component of Glomac’s long-term financing strategy. The proceeds from the issuances of Sukuk from the Sukuk Wakalah Programme will be utilised for land acquisition, capital expenditure and working capital.

“Glomac’s RM3 billion Sukuk Wakalah Programme will enhance the Group's financial reserves and allow for further land banking opportunities. It will also enable Glomac to optimise some of its liabilities, which bear high interest rates. It gives access to capital whenever there is a need for it and is a strategic move by Glomac to be in a position where we have the capacity to undertake opportunities when they come by. This initiative paves the way for enhanced financial stability and growth,” said Glomac group managing director and chief executive officer Datuk Seri FD Iskandar.

“As the issuer, I am excited about our strategic partnership with Maybank and I trust that our initiative will propel Glomac’s credibility and market positioning as one of the preferred developers in Malaysia,” he continued.

“The Sukuk Wakalah Programme is bespoke and dynamic to give Glomac maximum flexibility to issue either rated or unrated Sukuk with an option for a sustainable format to meet Glomac’s present and future funding needs in tandem with its growth trajectory. Maybank is honoured to play a significant role in Glomac’s maiden foray into the debt capital market by providing seamless, holistic solutions leveraging our strengths in global banking, capital markets and Islamic Finance,” said Maybank Investment Bank chief executive officer Michael Oh-Lau.

Present at the ceremony were Glomac Bina executive director FD Idzham FD Iskandar and Maybank group chief executive officer of global banking Datuk John Chong.

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