KUALA LUMPUR: Al-‘Aqar Healthcare REIT (Al-`Aqar REIT) has lodged Islamic financing programmes with the Securities Commission Malaysia (SC) with a combined issuance limit of up to RM3bil.

In a filing with Bursa Malaysia, the REIT said its wholly-owned special purpose vehicle, Al-‘Aqar Capital Sdn Bhd, lodged the programmes with the SC on Oct 8.

The programmes comprise a sukuk issuance programme of up to RM3bil for senior Islamic medium-term notes and subordinated perpetual Islamic notes, as well as a RM300mil Islamic commercial papers (ICP) programme.

Both programmes are based on the Shariah principle of Wakalah Bi Al-Istithmar and are subject to a combined outstanding limit of RM3bil.

The sukuk programme will have a perpetual tenure, while the ICP programme will have a tenure of seven years.

Al-‘Aqar REIT said proceeds from the programmes would be used to finance its investment activities, refinance existing or future Islamic financing, and fund working capital and general corporate requirements.

The proceeds may also be used to refinance maturing sukuk and ICP issuances, fund the sukuk trustee's reimbursement account and cover expenses related to the programmes.

The programmes also allow for sustainability and sustainability-linked issuances, subject to compliance with the relevant guidelines and frameworks.

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