VS Industry’s unit proposes to issue up to RM1bil Islamic MTN

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KUALA LUMPUR: VS Industry Bhd’s wholly-owned subsidiary, VS Capital Management Sdn Bhd (VSCM) has proposed to issue Islamic Medium Term Notes of up to RM1 billion in nominal worth primarily based on the Shariah precept of Wakalah Bi Al-Istithmar.

The Sukuk Wakalah Programme will probably be assured by VS Industry, the electronics manufacturing companies supplier stated in a submitting with Bursa Malaysia right this moment.

The firm stated VSCM has made a lodgement with the Securities Commission Malaysia (SC) for the institution of the Sukuk Wakalah Programme pursuant to the Guidelines on Unlisted Capital Market Products underneath the Lodge and Launch Framework.

Proceeds from the issuance will probably be utilised for working capital necessities, capital expenditure (capex), investments and/or basic company functions of VS Industry.

Funding for the working capital necessities will probably be put aside for manufacturing, meeting and sale of digital and electrical merchandise and plastic moulded elements and components, whereas the capex necessities embrace the acquisition of land and constructing and the acquisition of plant and equipment.

Under the final company functions, VS Industry will allocate the funding for its refinancing/compensation of present borrowings/financings/company bonds/Sukuk points and/or future Shariah-compliant financing. – Bernama



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