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In December 2000, Kumpulan
Guthrie Berhad (Guthrie) was granted a RM1.5 billion (US$400 million) Al-Ijara
Al-Muntahiyah Bit-Tamik by a consortium of banks. The original facility was
raised to re-finance Guthrie?s acquisition of a palm oil plantation in the
Republic of Indonesia. The consortium was then invited to participate as the
underwriter/primary subscriber of the Sukuk Transaction.
US$350 million sukuk Trust
Certificates by Sarawak Corporate Sukuk Inc. (SCSI) Sarawak Economic
Development Corporation (SEDC) raised financing amounting to US$350 million
by way of issuance of series of trust certificates issued on the principle
of Ijara sukuk. The certificates were issued with a maturity of 5 years and
under the proposed structure, the proceeds will be used by the issuer to
purchase certain assets from 1st Silicon (Malaysia) Sdn Bhd. Thereafter, the
issuer will lease assets procured from 1st Silicon to SEDC for an agreed
rental price for an agreed lease period of 5 years.
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