KUALA LUMPUR (July 7): Power infrastructure specialist Pestech International Bhd plans to issue perpetual Islamic notes of up to RM1 billion in nominal value to raise proceeds for refinancing and working capital purposes, based on the syariah principle of Musharakah.
“The information and documents in relation to the Perpetual Sukuk Musharakah Programme including the Information Memorandum, have been lodged with the SC (Securities Commission) pursuant to the SC’s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework issued by the SC on March 9, 2015 and revised on June 30, 2020 (as amended from time to time),” the company said in a stock exchange filing today.
RHB Investment Bank Berhad is the principal adviser, lead arranger and lead manager for the Perpetual Sukuk Musharakah Programme.
Pestech shares price closed one sen or 1.12% lower at 88 sen today, bringing it some market capitalisation of RM671.57 million. The stock saw some 743,400 shares done.
Year-to-date, the stock has fallen some 33% from RM1.31 on Dec 31, 2019.