{"id":658,"date":"2013-03-05T11:37:28","date_gmt":"2013-03-05T11:37:28","guid":{"rendered":"https:\/\/webonlinecity.com\/eversendaiweb\/?p=658"},"modified":"2024-07-22T11:37:45","modified_gmt":"2024-07-22T11:37:45","slug":"standard-chartered-arranges-eversendais-first-islamic-debt-securities","status":"publish","type":"post","link":"https:\/\/webonlinecity.com\/eversendaiweb\/standard-chartered-arranges-eversendais-first-islamic-debt-securities\/","title":{"rendered":"Standard Chartered arranges Eversendai\u2019s first Islamic Debt Securities"},"content":{"rendered":"

KUALA LUMPUR, 5 March 2013<\/strong>\u00a0\u2013 Standard Chartered, a recognised leader in Islamic Finance and Debt Capital Markets announced the first issuance of Eversendai\u2019s inaugural Islamic Commercial Paper (ICP)\/ Islamic Medium Term Note (IMTN) Programme under the Islamic principle of Musharakah (\u201cSukuk Programme\u201d). Standard Chartered Saadiq Berhad is the Principal Adviser, Sole Lead Arranger and Lead Manager for the Sukuk Programme.<\/p>\n

The Sukuk Programme established for Malaysia\u2019s structural steel turnkey and power plant contractor Eversendai Corporation Berhad, has a programme value of MYR500 million with tenor of up to 7-years from first issuance. The first tranche of MYR250 million with a 5-year tenor will be issued on 11 March 2013.<\/p>\n

At the signing ceremony, Saif Malik, Country Head of Origination & Client Coverage and Co-Head Wholesale Banking, Standard Chartered Bank Malaysia Berhad said the Bank was pleased to once again help Eversendai achieve its business expansion strategy.<\/p>\n

\u201cOur strong relationship with Eversendai and appreciation of Islamic Finance has enabled us to structure the best long-term financing and help the client, for the first time, to tap into the Islamic capital markets. Standard Chartered Saadiq was involved throughout the entire Sukuk execution process. The locally incorporated Islamic Bank played a crucial role in providing market colour, laid out the execution strategy and advised on the optimal time to launch the transaction. As a result, Eversendai successfully tapped the Sukuk market for its first Islamic issuance, and achieved its target pricing and issue amount with strong investor support,\u201d he added.<\/p>\n

Eversendai will use the funds raised from this long-term financing for its growth expansion in the ASEAN and Middle East regions as well as its recent penetration into the oil and gas sector.<\/p>\n

Dato\u2019 A.K. Nathan, Executive Chairman and Group Managing Director, Eversendai Corporation Berhad said the decision to undertake a Sukuk issuance allowed the Group to raise funds in an efficient way, at a lower profit rate and provided it with a way to raise capital without diluting the current shareholders equity.<\/p>\n

\u201cOur business plan calls for the Group to achieve a turnover of MYR 2.0 billion by 2017 and this will be achieved through continued development of existing markets as well as diversification into new, inter-related businesses, like our recent acquisition into Technics Oil and Gas Ltd.<\/p>\n

\u201cThe Sukuk market is a very efficient way to raise capital. And with our ambitious but achievable expansion plans, this may not necessarily be the last Islamic Sukuk that we will issue,\u201d said Dato\u2019 A K.<\/p>\n

Malaysia has the largest Sukuk market in the world, with 78% of the global Sukuk market. In just four years, issuance of Sukuk in the primary market leap-frogged threefolds \u2013 growing from MYR24 billion in 2008 to MYR97.45 billion in 2012.<\/p>\n

The Malaysian Government has indicated its aspirations to grow Islamic Finance, and in particular the Islamic Capital Market, as it looks to position the country at the forefront of this fast-growing segment of the global financial industry.<\/p>\n

Said Saif, as Malaysia\u2019s first bank, Standard Chartered will continue to play a part in the growth of Malaysia\u2019s Islamic Sukuk market and in supporting the Government\u2019s aspirations to position the country as an international Islamic Financial hub. \u201cSukuk programmes, like the one undertaken by Eversendai, can only further augment Malaysia\u2019s already deep Sukuk market. Not only can it help corporations achieve their long-term ambition but at the same time, help create jobs for the economy.<\/p>\n

Standard Chartered is well-positioned to facilitate this progression. Our advantage is our capital markets and Islamic Finance expertise, extensive presence in key emerging markets and local knowledge borne out of our longstanding presence in Asia, Africa and the Middle East.<\/p>\n

To that end, we are committed to supporting the development of Malaysia\u2019s local capital markets and private sector as it has been a core part of our business for nearly 140 years.\u201d<\/p>\n

Standard Chartered Saadiq, a leader in Islamic Finance, was recently named Best International Islamic Bank by Euromoney. Globally, the Bank was awarded the \u201cBest Sukuk House\u201d by Euromoney Islamic Finance Awards in 2012. In Malaysia, Standard Chartered Bank was ranked 1st on RAM Lead Managers\u2019 League Table for period ended 31 December 2012 by Programme Value for Islamic programmes.<\/p>\n

The signing ceremony was witnessed by Wasim Saifi, CEO Standard Chartered Saadiq Berhad and Global Head Islamic Consumer Banking, Standard Chartered Bank and Rohan Rao, Group Chief Operating Officer, Eversendai Corporation Berhad.<\/p>\n","protected":false},"excerpt":{"rendered":"

KUALA LUMPUR, 5 March 2013\u00a0\u2013 Standard Chartered, a recognised leader in Islamic Finance and Debt Capital Markets announced the first issuance of Eversendai\u2019s inaugural Islamic Commercial Paper (ICP)\/ Islamic Medium…<\/p>\n","protected":false},"author":1,"featured_media":239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-8"],"acf":[],"_links":{"self":[{"href":"https:\/\/webonlinecity.com\/eversendaiweb\/wp-json\/wp\/v2\/posts\/658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/webonlinecity.com\/eversendaiweb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/webonlinecity.com\/eversendaiweb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/webonlinecity.com\/eversendaiweb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/webonlinecity.com\/eversendaiweb\/wp-json\/wp\/v2\/comments?post=658"}],"version-history":[{"count":1,"href":"https:\/\/webonlinecity.com\/eversendaiweb\/wp-json\/wp\/v2\/posts\/658\/revisions"}],"predecessor-version":[{"id":659,"href":"https:\/\/webonlinecity.com\/eversendaiweb\/wp-json\/wp\/v2\/posts\/658\/revisions\/659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/webonlinecity.com\/eversendaiweb\/wp-json\/wp\/v2\/media\/239"}],"wp:attachment":[{"href":"https:\/\/webonlinecity.com\/eversendaiweb\/wp-json\/wp\/v2\/media?parent=658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/webonlinecity.com\/eversendaiweb\/wp-json\/wp\/v2\/categories?post=658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/webonlinecity.com\/eversendaiweb\/wp-json\/wp\/v2\/tags?post=658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}