The proceeds raised from the Sukuk Wakalah programme are intended to be utilised for Shariah-compliant purposes of the company, including to fund capital expenditures, refinance existing financing or borrowings, fund working capital requirements and fund other corporate purposes, all of which must be Shariah-compliant.
JB Cocoa Malaysia, a wholly-owned subsidiary of JB Foods, has lodged its information and documents with the Securities Commission Malaysia relating to its proposed Islamic medium term notes programme, worth up to RM500 Million ($155.53 million) in nominal value.
The notes, which are based on the on the Shariah Principle of Wakalah Bi Al-Istithmar (Sukuk Wakalah programme), will constitute direct, unconditional, unsubordinated and secured obligations, to the extent of the security provided, of JB Cocoa Malaysia under the laws of Malaysia.
