MALAYSIA: Sime Darby Property’s New Economy Venture (NEV) fund has established a Sukuk Wakalah program of up to RM2.6 billion (US$626.7 million) in nominal value.
The seven-year program, lodged with the Securities Commission Malaysia under the Lodge and Launch Framework, will finance the NEV fund’s development pipeline including its two previously announced seed assets spanning the industrial, logistics and data center space.
Maybank Investment Bank is the sole principal adviser and sole lead arranger, with Maybank Islamic serving as Shariah adviser.
Maybank Investment Bank and the Asian Development Bank (ADB) act as joint sustainability structuring advisers, while Maybank Investment Bank and OCBC Al-Amin Bank are joint lead managers.
The Credit Guarantee and Investment Facility, a trust fund of ADB, serves as financial guarantor for the guaranteed tranches, which will be subscribed by Bank Islam Malaysia. Complementing the Sukuk program, Sime Darby Property NEV has introduced a Green Finance Framework assigned a Gold Impact Assessment by MARC Solutions, enabling green Sukuk issuances under the program to align with the ASEAN Green Bond Standards and the Securities Commission Malaysia’s Sustainable and Responsible Investment Sukuk Framework.
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