KUALA LUMPUR: Glomac Bhd has established an Islamic medium term notes programme of up to RM3 billion in nominal value, to be utilised for land acquisition, capital expenditure and working capital.

Maybank Investment Bank Bhd is the sole principal adviser, sole lead arranger and sole lead manager while Maybank Islamic Bhd is the shariah adviser for the sukuk wakalah programme.

In a statement here today, Glomac group managing director and chief executive officer Datuk Seri FD Iskandar FD Mansor said the RM3 billion sukuk wakalah programme will enhance the group’s financial reserves and allow for further land banking opportunities.

“It will also enable Glomac to optimise some of its liabilities, which bear high interest rates. It gives access to capital whenever there is a need for it and is a strategic move by Glomac to be in a position where we have the capacity to undertake opportunities when they come by.

“This initiative paves our way for enhanced financial stability and growth,” he said.

Source: New Straits Times