News

Ekovest Berhad (“Ekovest”) wishes to announce that its wholly-owned subsidiary, Lebuhraya DUKE Fasa 3 Sdn. Bhd. (“Issuer”), had on 18 July 2016 made a lodgment to the Securities Commission Malaysia (the “SC”) for the launch of the Sukuk Wakalah under the SC’s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework.

The Issuer proposes to issue sukuk of up to RM3.64 billion in nominal value and with tenures of up to 23 years under the Shariah principle of Wakalah Bi Al-Istithmar.

The proceeds from the Sukuk Wakalah shall be utilised by the Issuer for the following Shariah-compliant purposes:-

(i)      Part-finance all costs associated with the development, design and construction of the proposed Setiawangsa-Pantai Expressway (formerly known as the DUKE Phase 3) (“Expressway”) pursuant to the concession agreement dated 11 January 2016;

(ii)     Profit payments under the Sukuk Wakalah and other amounts due and payable in relation to the Sukuk Wakalah during the construction period of the Expressway;

(iii)    Deposits into the finance service reserve account;

(iv)   Payment of fees and expenses in relation to the Sukuk Wakalah; and

(v)    The balance, if any, shall be utilised to meet the Shariah-compliant general working capital requirements of the Issuer.

AmInvestment Bank Berhad (“AmInvestment Bank”) has been appointed as the Principal Adviser, Lead Arranger and Joint Lead Managers/Joint Bookrunners for the Sukuk Wakalah.

CIMB Investment Bank Berhad, Maybank Investment Bank Berhad and RHB Investment Bank Berhad have been appointed as the Joint Lead Managers/Joint Bookrunners for the Sukuk Wakalah.

This announcement is dated 18 July 2016.