Proton Concludes Issuance Of RM700m Sukuk Fund

Second tranche of Islamic Medium-Term Note oversubscribed by almost four times - Proceeds from the issuance will be used for the Company's expansion plans

Proton Concludes Issuance Of RM700m Sukuk Fund
From left, Mr Wang Huaibing with Muhammad Amir, Managing Director, Coporate Coverage of CIMB Investment Bank and Gan Seong Kean, Director of Debt Capital Market, RHB Investment Bank.

Subang Jaya, 13 July 2022 – National carmaker PROTON Holdings Berhad via its subsidiary, PONSB Capital Berhad has successfully concluded the issuance of the second tranche of its Islamic Medium-Term Note (IMTN) worth RM700 million under its Sukuk Wakalah programme.

The IMTN proved to be popular with the investment community and was oversubscribed by almost four times.

PROTON's Sukuk Wakalah programme is an Islamic Commercial Papers (ICP) of RM1.0 billion in nominal value which together with an Islamic Medium-Term Note (IMTN) of RM4.0 billion in nominal value, have a combined limit of up to RM4.0 billion in nominal value based on the Shariah principal of Wakalah Bi Al-Istithmar.

Mr Wang Huaibing (2nd from left) and Dr Li Chunrong, CEO of PROTON with representatives from bank partners
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Second tranche sukuk

The second tranche of RM700 million for the IMTN follows on from the first tranche of RM500 million IMTN that was completed in December last year.

"PROTON is pleased to conclude the issuance of its second tranche of Sukuk funds with the collaboration of CIMB Investment Bank Bhd and RHB Investment Bank Berhad acted as Joint Lead Managers.

The funds obtained will help to finance the company's future expansion plans as well as working capital requirements.

"We are determined to follow through on our growth strategy and in the coming years there are some exciting developments on the horizon. These range from new product launches to penetrating more export markets and entering the new energy vehicle segment.

"With a total fund size of RM4 billion, there is still a lot of opportunity for more investors to come on board and I am confident that PROTON will reward their faith in us," says Mr Wang Huaibing, Chief Financial Officer, PROTON.