KUALA LUMPUR (Feb 8): Sunway Velocity Three Sdn Bhd has established an Islamic medium-term note programme of up to RM1 billion in nominal value based on the shariah principle of Wakalah Bi Al-Istithmar, namely the Asean Green Sustainable and Responsible Investment (SRI) Sukuk Programme.

Sunway Velocity Three is a 60%-owned subsidiary of Sunway City Sdn Bhd, which in turn is a wholly owned subsidiary of Sunway Bhd.

In a filing with Bursa Malaysia, Sunway said Sunway Velocity Three had lodged the required information and relevant documents related to the programme with the Securities Commission Malaysia (SC) pursuant to the SC’s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework.

“The proceeds from the issuance of the Asean Green SRI Sukuk Wakalah shall be utilised towards, inter alia (among other things), part-financing the total project cost in relation to the development of the three-block serviced apartments under the Sunway Velocity 3 project,” it said.

United Overseas Bank (Malaysia) Bhd is the sole principal adviser, lead arranger and lead manager for the Asean Green SRI Sukuk Programme.