Glomac Berhad (“Glomac”) and Maybank today celebrated the launch of Glomac’s Islamic medium-term notes programme, amounting to up to RM3.0 billion in nominal value, based on the Shariah principle of Wakalah Bi Al-Istithmar (“Sukuk Wakalah Programme”). Maybank Investment Bank Berhad is the Sole Principal Adviser, Sole Lead Arranger, and Sole Lead Manager, while Maybank Islamic Berhad serves as the Shariah Adviser for the programme.

The Sukuk Wakalah Programme is a crucial part of Glomac’s long-term financing strategy. The funds raised through this issuance will be used for land acquisition, capital expenditure, and working capital, supporting the company’s growth and development plans.

Datuk Seri FD Iskandar Tan Sri FD Mansor, Group Managing Director/Chief Executive Officer of Glomac Berhad, commented, “This RM3 billion Sukuk Wakalah Programme will strengthen Glomac’s financial reserves and provide us with the capacity for further land banking opportunities. It will also enable the optimisation of liabilities with high interest rates. This initiative allows us to access capital when needed and positions Glomac to seize opportunities for future growth and development. We look forward to our strategic partnership with Maybank, which will enhance our credibility and market positioning.”

Michael Oh-Lau, Chief Executive Officer of Maybank Investment Bank Berhad, stated, “The Sukuk Wakalah Programme is flexible and tailored to meet Glomac’s funding needs, with options for rated or unrated Sukuk, including sustainable formats. We are honored to support Glomac’s debut in the debt capital market with comprehensive solutions.”

Glomac’s strategic portfolio, valued at approximately RM7 billion in Gross Development Value (GDV), focuses on Greater KL and Johor markets, with an emphasis on affordable residential townships. The company continues to explore opportunities in green energy and other related sectors aligned with its core business.

Source: PropSocial