Proton concludes RM700 million sukuk issuance – oversubscribed by 4x, proceeds to finance expansion


Carmaker Proton through its subsidiary PONSB Capital Bhd has efficiently concluded the issuance of the second tranche of its Islamic Medium-Term Note (IMTN) value RM700 million underneath the Sukuk Wakalah programme. The IMTN was oversubscribed by virtually 4 occasions, the corporate says.

Proton’s Islamic industrial papers have a mixed restrict of up to RM4 billion in nominal worth, and relies on the Shariah principal of Wakalah Bi Al-Istithmar. This RM700 million second tranche follows the primary tranche of RM500 million that was accomplished in December 2021.

“Proton is pleased to conclude the issuance of its second tranche of sukuk funds with the collaboration of CIMB Investment Bank and RHB Investment Bank as joint lead managers. The funds obtained will help to finance the company’s future expansion plans as well as working capital requirements,” mentioned Proton CFO Wang Huaibing.

“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,” he added.

New vitality autos is a China time period used for electrified autos, so anticipate hybrids from Proton in the near future.

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