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OTHERS Early Redemption of the existing Subordinated Sukuk Murabahah of RM320 million in Nominal Value and Issuance of Subordinated Sukuk Murabahah of RM420 million in Nominal Value pursuant to a Sukuk Programme of up to RM420 Million in Nominal Value for the Issuance of Senior and/or Subordinated Sukuk Murabahah (Sukuk Murabahah Programme).

MNRB HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
Early Redemption of the existing Subordinated Sukuk Murabahah of RM320 million in Nominal Value and Issuance of Subordinated Sukuk Murabahah of RM420 million in Nominal Value pursuant to a Sukuk Programme of up to RM420 Million in Nominal Value for the Issuance of Senior and/or Subordinated Sukuk Murabahah (Sukuk Murabahah Programme).

1. INTRODUCTION

 

The Board of Directors of MNRB Holdings Berhad (“MNRB”) is pleased to announce that MNRB has, on 22 March 2024, completed the following:

  1. Early redemption of its existing Subordinated Sukuk Murabahah of RM320 million (stock code: VN190059) on its first call date on 22 March 2024 (“Tranche 1 Subordinated Sukuk Murabahah”); and
  2. Issuance of Subordinated Sukuk Murabahah of RM420 million in nominal value (“Tranche 2 Subordinated Sukuk Murabahah”) under the Sukuk Murabahah Programme pursuant to the upsized Sukuk Murabahah Programme as announced on 9 February 2024.

 

2. DETAILS OF THE TRANCHE 2 SUBORDINATED SUKUK MURABAHAH

 

The key terms of the Tranche 2 Subordinated Sukuk Murabahah are as below:

 

 a)

 Issue Size

 :

 RM420 million in nominal value

 b)

 Tenure

 :

 10 years non-callable 5 Years (10NC5)

 c)

 Issue Date

 :

 22 March 2024

 d)

 Maturity Date

 :

 22 March 2034

 e)

 First Call Date

 :

 22 March 2029

 f)

 Profit Rate

 :

 4.46% per annum

 g)

 Utilisation of Proceeds

 :
  1. To early redeem Tranche 1 Subordinated Sukuk Murabahah; and
  2. For investment into MNRB’s subsidiaries which are involved in Shariah-compliant activities, to support the Group’s continuous growth in the general and family takaful and retakaful businesses.

 

The Tranche 2 Subordinated Sukuk Murabahah qualifies as Tier 2 regulatory capital of MNRB under the Bank Negara Malaysia (“BNM”) Risk-Based Capital Framework for Insurers issued by BNM on 17 December 2018 and as amended from time to time (RBC Framework) pursuant to the approval granted by BNM on 2 February 2024.

 

3. ADVISERS

 

AmInvestment Bank Berhad is the Principal Adviser and Lead Arranger for the Sukuk Programme while AmBank Islamic Berhad is the Shariah Adviser for the Sukuk Programme.

 

Affin Hwang Investment Bank Berhad, AmInvestment Bank Berhad and RHB Investment Bank Berhad are the Joint Lead Managers for the Tranche 2 Subordinated Sukuk Murabahah issuance.

 

 

This announcement is dated 22 March 2024.






Announcement Info

Company Name MNRB HOLDINGS BERHAD
Stock Name MNRB
Date Announced 22 Mar 2024
Category General Announcement for PLC
Reference Number GA1-22032024-00030



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