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BURSA ANNOUNCEMENTS

Date : 04 June 2015

OTHERS Issuance of sukuk based on the Shariah principle of Murabahah (via a Tawarruq arrangement) ("Sukuk Murabahah") of RM210.0 million in nominal value by a joint venture company, Grand Sepadu (NK) Sdn Bhd- Execution of Agreements

TALIWORKS CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
Issuance of sukuk based on the Shariah principle of Murabahah (via a Tawarruq arrangement) ("Sukuk Murabahah") of RM210.0 million in nominal value by a joint venture company, Grand Sepadu (NK) Sdn Bhd- Execution of Agreements

Further to the Company’s announcements dated 7 April 2015 and 29 April 2015 and pursuant to the Securities Commission Malaysia’s authorisation vide its letter dated 3 April 2015, Grand Sepadu (NK) Sdn Bhd (formerly known as Jejak Melewar Sdn Bhd) (“GSNK”) had on 4 June 2015 entered into agreements with the relevant parties to effect the issuance of Sukuk Murabahah.

GSNK is a joint venture company in which TCB has 75% indirect interest and it is deemed as a joint arrangement under the Malaysian Financial Reporting Standard.

The details of the Sukuk Murabahah are as follows:

1) Issue size

The issuance of the Sukuk Murabahah shall not exceed RM210.0 million in nominal value comprising three (3) series as follows:-

Series

Nominal value

(RM’ million)

1

60.0

2

90.0

3

60.0

 

210.0

 

 

 

 

 

 

 

 

 

The issuance of Sukuk Murabahah shall be in a single issuance with tenures of 5 years (Series 1), 8 years (Series 2) and 12 years (Series 3) commencing from the date of the issuance of the Sukuk Murabahah.

2) Profit Rate

Series 1- 4.75% p.a.; Series 2- 5.05% p.a.; Series 3- 5.35% p.a.

3) Profit Payment Frequency

Semi-annual basis in arrears.

4) Details on Utilisation of Proceeds by GSNK

The proceeds raised from the issuance of the Sukuk Murabahah will be utilised for the following Shariah-compliant purposes:

 

Purpose of Utilisation

Amount in nominal value (RM’million)

(i)

To facilitate the roll-over of the existing bridging loan facility of up to RM200.0 million into the Sukuk Murabahah

200.0

(ii)

Working capital purposes

10.0

 

Total

210.0

The Company will make the appropriate announcement upon the issuance of the Sukuk Murabahah in due course.

 This announcement is dated 4 June 2015.

 

 






Announcement Info

Company Name TALIWORKS CORPORATION BERHAD
Stock Name TALIWRK
Date Announced 04 Jun 2015
Category General Announcement for PLC
Reference Number GA1-04062015-00050



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