Press Metal proposes RM5 billion Islamic bonds

KUCHING: Press Metal Aluminium Holdings Bhd, which plans to construct a third aluminium smelter in Samalaju Industrial Park, Bintulu, has proposed an Islamic medium term notes (IMTN) Programme of up to RM5 billion in nominal value. The company said the IMTN Programme is based on the Shariah principle of wakalah bi al-Istithmar (Sukuk Wakalah). The Sukuk Programme shall have a tenure of 30 years.

“The proceeds from the issuance of the Sukuk Wakalah shall be utilised for the Press Metal group’s shariah-compliant general corporate purposes, including capital expenditure, working capital requirements, investments and refinancing of existing financing/ borrowings,” Press Metal said in a filing with Bursa Malaysia .