KUALA LUMPUR: Johor Plantations Group Bhd

(JPG) has successfully issued its series two sukuk wakalah-Islamic medium-term notes (IMTN), amounting to RM200mil in nominal value under its IMTN programme.

In a statement yesterday, the plantation company said the issuance is part of the sukuk wakalah programmes established by JPG in August 2024, comprising an Islamic commercial papers programme and the IMTN programme, with a combined aggregate limit up to RM3bil.

“The programmes are based on the syariah principle of Wakalah Bi Al-Istithmar.

“During the book-building process, strong demand was recorded for the issuance, achieving a final bid-to-cover ratio close to five times.

“The healthy demand enabled JPG to tighten the yield, closing at a final yield of 3.70 per cent, which was more favourable than the initial price guidance,” it said. — Bernama