NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 32. BORROWINGS (CONT’D.) (a) Islamic Medium Term Notes (cont’d.) (ii) Sukuk Wakalah Programme 2 On 25 October 2024, the Company had lodged the proposed establishment of a rated Islamic Medium Term Notes Programme of up to RM1.5 billion in nominal value based on the Shariah principles of Wakalah Bi Al-Istithmar ("Sukuk Wakalah Programme 2") with SC pursuant to the SC's Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (issued by the SC on 9 March 2015 and revised on 26 November 2019, as amended from time to time). The Company had issued the following tranche: Yield-to- Amount maturity Due date of Tranche No Date of issuance RM’000 (per annum) repayment 1 13 November 2024 250,320 6.25% 13-Nov-28 The Sukuk Wakalah Programme 1 and 2 allow for the issuance of rated and senior ranking sukuk (“Sukuk Wakalah”) from time to time, with flexibility for the Company to issue secured and/or unsecured Sukuk Wakalah subject to the aggregate outstanding nominal amount of each Sukuk Wakalah not exceeding RM1.5 billion at any point in time. The Sukuk Wakalah is secured by third party legal charge over the lands held under inventories as disclosed in Note 16 and Financial Service Reserve Account as disclosed in Note 26. According to the Sukuk subscription agreements, the Group and the Company are required to deposit and/or cause to be deposited into the designated account and amount equivalent to the principal payment due and payable under respective tranches which shall be built up in accordance with the build-up schedule. The proceeds from the issuance of the Sukuk Wakalah shall be utilised by the Company and/or its group of companies for the following Shariah-compliant purposes: (a) to finance capital expenditure and/or investments (including but not limited to the purchase of land(s), building(s), shares, property and/or payment into joint ventures) of the Company and/or its group of companies, all of which shall be Shariahcompliant; (b) to finance working capital of the Company and/or its group of companies; (c) to refinance existing conventional borrowings and/or existing/future Islamic financing facilities of the Company or its group of companies; (d) to finance general corporate purposes of the Company and/or its group of companies; and/or (e) to defray fees, costs and expenses in relation to the issuance of the Sukuk Wakalah and Sukuk Wakalah Programme. ANNUAL REPORT 2024 324
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