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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Genting Plantations Unit Issues RM1.2 Billion Sukuk Wakalah

Genting Plantations Bhd’s (KL) wholly-owned subsidiary, Benih Restu Bhd, has successfully undertaken its first issuance of RM1.2 billion in Islamic medium-term notes (sukuk wakalah) under a RM2 billion sukuk wakalah programme based on the shariah principle of Wakalah Bi Al-Istithmar.

Key Details:

  • Issuance Details: The RM1.2 billion sukuk wakalah has a tenure of 10 years with an annual profit rate of 4.08%, according to Genting Plantations' filing with Bursa Malaysia on Monday.

  • Utilization of Proceeds: Benih Restu will advance the proceeds from the issuance to Genting Plantations and/or its subsidiaries via shariah-compliant intercompany advances. The funds will be used for:

    • Operating expenses
    • Capital expenditure
    • Investment
    • Refinancing of existing borrowings and shariah-compliant financing facilities
    • Future shariah-compliant financing facilities
    • Working capital requirements
    • General funding and corporate purposes

  • Application of Proceeds: The proceeds will support various activities including oil palm plantation development, palm oil processing, property development and investment, biotechnology research, and development of plantation crop improvement applications, as well as other new business activities within the group.

  • Advisers and Managers: AmInvestment Bank Bhd, Hong Leong Investment Bank Bhd, OCBC Al-Amin Bank Bhd, and Public Investment Bank Bhd are the joint principal advisers and joint lead arrangers for the sukuk wakalah programme. These banks also serve as joint lead managers for the first issuance.

  • Market Response: At the close of trading on Bursa Malaysia, shares of Genting Plantations eased by three sen to RM5.70, with 727,100 shares changing hands.

This issuance marks a significant step for Genting Plantations in leveraging Islamic finance to support its diverse operational and investment needs, ensuring alignment with shariah-compliant principles.

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