Proton concludes issuance of RM700mil sukuk fund

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KUALA LUMPUR: Proton Holdings Bhd via its subsidiary, Proton Capital Bhd, has concluded the issuance of the second tranche of its Islamic Medium-Term Note (IMTN) worth RM700 million under its Sukuk Wakalah programme.

In a statement today, the national car maker said it was oversubscribed by almost four times,

Proton’s Sukuk Wakalah programme is an Islamic Commercial Papers of RM1.0 billion in nominal value, which together with an IMTN of RM4.0 billion in nominal value, have a combined limit of up to RM4.0 billion in nominal value based on the Shariah principal of Wakalah Bi Al-Istithmar.

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The second tranche of RM700 million IMTN follows on from the first tranche of RM500 million IMTN completed in December last year, the statement said.

Proton chief financial officer Wang Huaibing said the funding will help to finance the company’s expansion plans as well as working capital requirements.

"We are determined to follow through on our growth strategy and in the coming years, there are some exciting developments on the horizon ranging from new product launches to penetrating more export markets and entering the new energy vehicle segment,” he said in a statement.

He is confident that with a total fund size of RM4 billion, there are opportunities for more investors to come on board. - Bernama