Malaysia Airports to establish sukuk wakalah programme of up to RM5 billion

Malaysia Airports Holdings Bhd (MAHB) has made a lodgement with the Securities Commission Malaysia (SC) for the establishment of a Sukuk Wakalah programme of up to RM5 billion based on the Shariah principle of Wakalah Bi Al-Istithmar. In a bourse filing on Monday 8 November, MAHB said that the Sukuk Wakalah programme has a perpetual tenure, which affords the company with flexibility to issue the senior Sukuk Wakalah and/or perpetual Sukuk Wakalah from time to time, subject to the aggregate outstanding nominal value of the Sukuk Wakalah not exceeding RM5 billion at any point in time. According to the airport operator, the programme has been assigned an initial rating of AAA and AA2 for the Senior Sukuk Wakalah and the Perpetual Sukuk Wakalah respectively, with a stable outlook by RAM Rating Services Berhad (RAM Ratings).