Issuance Of Unrated Perpetual Islamic Notes (Perpetual Sukuk Musharakah) Of Up To RM500.0 Million In Nominal Value Based On The Shariah Principle Of Musharakah Under The Perpetual Sukuk Musharakah Programme By Cypark Renewable Energy Sdn. Bhd. (Perpetual Sukuk Musharakah Programme)

Back Mar 07, 2024

 

Type Announcement
Subject OTHERS
Description ISSUANCE OF UNRATED PERPETUAL ISLAMIC NOTES (PERPETUAL SUKUK MUSHARAKAH) OF UP TO RM500.0 MILLION IN NOMINAL VALUE BASED ON THE SHARIAH PRINCIPLE OF MUSHARAKAH UNDER THE PERPETUAL SUKUK MUSHARAKAH PROGRAMME BY CYPARK RENEWABLE ENERGY SDN. BHD. (PERPETUAL SUKUK MUSHARAKAH PROGRAMME)
We refer to our earlier announcements dated 4 June 2020, 4 September 2020, 7 October 2020, 20 November 2020, 30 December 2020, 23 February 2021, 12 April 2021, 5 October 2021, 27 April 2022, 12 September 2023 and 26 September 2023 in relation to the Perpetual Sukuk Musharakah Programme.

The Board of Directors (“Board”) of Cypark Resources Berhad (“Company”) wishes to announce that its wholly-owned subsidiary, Cypark Renewable Energy Sdn. Bhd. (“Issuer”) had on 4 March 2024 deferred a periodic distribution profit payment, allowable by terms of its RM500 million Perpetual Sukuk Musharakah Programme, to prioritise funds for the completion of two major solar projects in the Second Quarter of 2024. 

The Company has sufficient cash flow to achieve delivery of its ongoing projects, following the support by Jakel Capital Sdn. Bhd., the major shareholder of the Company via a RM265 million sukuk in the Fourth Quarter of 2023, as well as available banking facilities from its principal bankers.

RHB Investment Bank Berhad was the Principal Adviser, Lead Arranger and Lead Manager for the Perpetual Sukuk Musharakah Programme and is also the Lead Manager for all three tranches of the said programme.

This announcement is dated 7 March 2024.

 

Announcement Info

Company Name CYPARK RESOURCES BERHAD
Stock Name CYPARK
Date Announced 07 Mar 2024
Category General Announcement for PLC
Reference Number GA1-07032024-00018