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JB Foods subsidiary to propose establishment of $155 mil Islamic medium term notes programme in Malaysia

Bryan Wu
·1-min read

JB Cocoa Malaysia has proposed an Islamic medium term notes programme worth up to RM500 Million in nominal value.

JB Cocoa Malaysia, a wholly-owned subsidiary of JB Foods, has lodged its information and documents with the Securities Commission Malaysia relating to its proposed Islamic medium term notes programme, worth up to RM500 Million ($155.53 million) in nominal value.

The notes, which are based on the on the Shariah Principle of Wakalah Bi Al-Istithmar (Sukuk Wakalah programme), will constitute direct, unconditional, unsubordinated and secured obligations, to the extent of the security provided, of JB Cocoa Malaysia under the laws of Malaysia.

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The proceeds raised from the Sukuk Wakalah programme are intended to be utilised for Shariah-compliant purposes of the company, including to fund capital expenditures, refinance existing financing or borrowings, fund working capital requirements and fund other corporate purposes, all of which must be Shariah-compliant.

JB Cocoa Malaysia has an option to upsize the limit of the Sukuk Wakalah Programme at any time, subject to certain pre-requisite conditions.

AmInvestment Bank is the principal adviser, the lead arranger and the lead manager for the
Sukuk Wakalah Programme, while AmBank Islamic Berhad is the shariah adviser for the Sukuk
Wakalah Programme.

Shares in JB foods closed at 49.5 cents flat on Aug 23.

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