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GIC launches $164m sukuk in Malaysia

Kuala Lumpur, February 16, 2011

Kuwait-based Gulf Investment Corporation (GIC) has launched a 500 million ringgit ($164 million) sukuk issue in Malaysia as part of an existing funding programme.

GIC, which was set up to drive private enterprise and economic growth in the Gulf region, had earlier established a 3.5 billion ringgit sukuk programme in the Southeast Asian country.

GIC launched the five-year, 500 million ringgit portion on Wednesday, a source with direct knowledge of the deal said. GIC was not immediately available for comment.

RBS is the deal's sole principal adviser and arranger. RBS and Maybank Investment Bank are the joint lead managers.    

The fund-raising programme was rated AAA, the highest rating, by Malaysia's RAM Ratings.

The Islamic bonds are structured according to the wakala bi istithmar concept where GIC will be appointed as agent to collect and manage the sukuk proceeds for the bondholders.     

GIC then appoints itself to manage the sukuk assets and will invest the net proceeds through a commodity murabaha financing arrangement and a sub-wakala investment facility. Proceeds will be channelled into sharia-compliant ventures.      
GIC's investments include companies such as The National Titanium Dioxide Co, Gulf Industrial Investment, Gulf Re Holdings Ltd, Al Dur Power & Water Co and National Industrialisation Co. -Reuters




Tags: sukuk | malaysia | GIC |

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