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KUALA LUMPUR: IJM Corp Bhd’s wholly-owned unit, Fairview Valley Sdn Bhd, issued its inaugural RM360mil nominal value sukuk murabahah under the Islamic Medium Term Notes Programme based on the syariah-principle of murabahah.
The construction and property group had signed a subscription agreement with CIMB Investment Bank Bhd and CIMB Islamic Bank Bhd for this purpose, a statement yesterday said.
Proceeds from the inaugural sukuk issuance will be utilised to refinance existing facilities of Fairview Valley that were used to fund the construction of Menara Prudential.
The transaction incorporates sustainability-linked features with pre-agreed targets. The transaction’s terms include features such as energy and water efficiency performance indicators and renewable energy composition of the assets, a joint release yesterday stated.
“Profit rebates will be granted should Fairview Valley achieve these targets, thus lowering the overall cost of financing whilst also advancing sustainability practices,” the release added.
CIMB is the sole lead arranger, sole lead manager and sole syariah adviser for the sukuk.
“We are proud for Menara Prudential to be funded with a facility which incorporates sustainability-linked features and we could not have found a better partner than in CIMB.,
“This marks a first, but significant step for IJM in aligning our financing strategy with our sustainability agenda,” chief executive officer and deputy managing director of IJM Lee Chun Fai said.
He added the integration of IJM’s sustainability performance with financing metrics is also in line with the group’s efforts to pursue green credentials under its “Sustainability Roadmap” for the financial year 2023 (FY23) to FY25.
“We would like to commend CIMB for championing the green agenda and helping to realise IJM’s sustainability ambitions,” Lee added.
CIMB Group Holdings Bhd group chief executive officer Datuk Abdul Rahman Ahmad said CIMB is pleased to partner with IJM in meeting the financing needs of Menara Prudential.
“This transaction not only demonstrates IJM’s commitment to sustainability, but also CIMB’s commitment to advancing Islamic and sustainable finance, aligned with the practices of value-based intermediation.
“It also marks the latest milestone towards CIMB Group’s aim of mobilising RM30bil in sustainable finance by 2024 under our Forward23+ strategic plan,” Abdul Rahman said.