Sunway’s unit sets up MTN programme to raise up to RM3b

KUALA LUMPUR (April 20): Diversified conglomerate Sunway Bhd said one of its units has established a medium term note (MTN) programme of up to RM3 billion in nominal value.

In a bourse filing, Sunway said the programme was set up by its indirect wholly-owned Sunway Treasury Sdn Bhd (STSB), and that it shall have a tenure of 99 years from the date of the first MTN issuance. The required information and relevant documents have been lodged with the Securities Commission Malaysia, it added.

"STSB will issue the MTNs in one or more tranches and its first tranche of up to RM500.0 million in nominal value (Tranche 1 MTNs) will be subscribed by Public Bank Bhd.

The proceeds from Tranche 1 MTNs shall be utilised to finance and/or refinance STSB for any advances which STSB has granted or will grant to its related companies and subsidiary companies and/or to finance/reimburse capital expenditures and/or the working capital requirements of Sunway Group," it said.

Public Investment Bank Bhd is the appointed principal adviser, lead arranger and lead manager for the MTN programme.

Sunway operates a diverse group of businesses, including real estate, construction, education, healthcare, building materials, trading and manufacturing.

Sunway’s share price settled two sen or 1.1 sen lower at RM1.79 on Wednesday (April 20), bringing the group a market capitalisation of RM8.83 billion.