MMC’s Sukuk best Islamic finance deal

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Kuala Lumpur—MMC Corp Bhd’s (MMC) inaugural RM1.5bil Sukuk Murabahah (via Tawarruq arrangement) has bagged the Best Islamic Finance Deal of The Year in Southeast Asia at the Alpha Southeast Asia Deal & Solutions Awards 2015.
The sukuk, which saw RHB Investment Bank Bhd (RHB IB) as the sole principal adviser, sole lead arranger and sole lead manager was rated AA- by Malaysian Rating Corp Bhd and was well-received registering a bid to cover ratio of 1.5 times with strong participation from funds and insurance companies.
“This is our third corporate exercise with RHB IB in 2015 following Malakoff Corp Bhd’s initial public offering in May and acquisition of NCB Holdings Bhd in October.
“We are pleased to have collaborated with RHB IB, a leading sukuk powerhouse in Southeast Asia for our inaugural issue.
The award underscores the well-structured transaction of MMC and the strong interest from investors of our Sukuk issue,” MMC Corp group managing director Datuk Seri Che Khalib Mohamad said in a statement. The award was presented to Che Khalib by the Siddiq Bazarwala, CEO of Alpha Southeast Asia at the event.—Agencies