Golden-Agri issues maiden $600 million Islamic bond
The world's second largest oil palm plantation firm and Singapore-listed Golden Agri-Resources has issued its maiden Islamic bond in Malaysia worth RM1.5 billion (S$600 million).
Funds raised through the five-year sukuk, which will expire on November 2017, will be utilised for the firm's general corporate purposes and will strengthen its financial flexibility for growth.
"The company considers Malaysia the ideal location for the issue of its sukuk given the country's well established and advanced sukuk market with abundant liquidity, coupled with its familiarity with the palm oil industry," the firm said in an announcement to the Singapore Stock Exchange.
The Islamic medium-term notes is part of a RM5 billion programme and will have a tenor of five years amd mature in November 2017.