KUALA LUMPUR (Sept 11): IHH Healthcare Bhd (KL:IHH) said its indirect wholly owned subsidiary, Pantai Holdings Sdn Bhd (PHSB), has lodged documents with the Securities Commission Malaysia for establishing sukuk wakalah programmes of up to RM15 billion.

In a filing with the bourse on Wednesday, IHH said it has submitted the necessary documents for the issuance of Islamic Commercial Papers (ICP) and Islamic Medium Term Notes (IMTN) of up to RM15 billion in nominal value.

The first issuance is expected to occur within 90 business days from the lodgement date or any approved extension.

The ICP programme has a seven-year term, with individual ICP maturing in one to 12 months. Meanwhile, the IMTN programme is perpetual, with each IMTN having a minimum term of one year, maturing before the programme is cancelled.

IHH said proceeds from the issuance will be used for shariah-compliant purposes, including financing investments, capital expenditures, working capital, repaying existing loans, and general corporate expenses. They will also be used to refinance both conventional and shariah-compliant debts.

OCBC Al-Amin Bank Bhd is the sole principal adviser, lead arranger, lead manager, facility agent, shariah adviser, and sustainability structuring adviser for the sukuk programmes.

Last Thursday, IHH, through PHSB, acquired the 600-bed Island Hospital in Penang for RM3.92 billion in cash from Comprehensive Care Sdn Bhd. This acquisition includes vacant land valued at RM223 million with approvals for future development, which will be financed through internal funds and external borrowings.

This acquisition follows PHSB’s March purchase of Timberland Medical Centre for RM245 million, which also included vacant land in central Kuching for the planned construction of a 200-bed tertiary hospital.

As of the end of June, IHH’s non-current loans, borrowings, and overdrafts stood at RM6.55 billion, while current loans, borrowings, and overdrafts were RM1.49 billion, against cash and cash equivalents of RM1.48 billion.

IHH's shares fell by 11 sen or 1.6% to RM6.75 on Wednesday, valuing the company at RM59.45 billion.