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KUALA LUMPUR: Proton Holdings Bhd, via its subsidiary Perusahaan Otomobil Nasional (PONSB) Capital Bhd, has concluded the issuance of the second tranche of its Islamic medium-term notes (IMTN) worth RM700mil under its Sukuk Wakalah programme.
In a statement yesterday, the national car maker said it was oversubscribed by almost four times,
Proton’s Sukuk Wakalah programme comprises Islamic commercial papers of RM1bil in nominal value, which together with an IMTN of RM4bil in nominal value, have a combined limit of up to RM4bil in nominal value based on the syariah principal of Wakalah Bi Al-Istithmar.
The second tranche of RM700mil IMTN follows on from the first of RM500mil IMTN completed in December last year, the statement said.
Proton chief financial officer Wang Huaibing said the funding will help finance the company’s expansion plans as well as with 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 ranging from new product launches to penetrating more export markets and entering the new energy vehicle segment,” he said.
He added he is confident that with a total fund size of RM4bil, there are opportunities for more investors to come on board.
Last week, Proton unveiled its new hi-tech engine assembly line at Tanjung Malim. Operational since April this year, the facility produces the company’s 1.5 TGDI (Turbo Gasoline Direct Injection) engine. —Bernama