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Market Daily Report: Bursa Malaysia Ends Lower as Investors Eye US Data, BOJ Decision

KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week.   At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day.  The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
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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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