COUNTRY Garden Real Estate Sdn Bhd (CGRE) successfully issued three tranches of Islamic sukuk totalling RM495 mil last month with the longest tenure being seven years, despite the downcycle in the global market following the Covid-19 pandemic.
These issues fully reflected the confidence that the Malaysian capital market has in both China’s Country Garden Group and CGRE’s long-term development in Malaysia, the company said in a statement today.
In addition, RAM Ratings had in September 2019 reaffirmed the AA3/Stable rating of CGRE’s Islamic Medium-Term Note (IMTN) Programme.
CGRE’s IMTN Programme was set up in 2015 and was the first-ever ringgit sukuk issued by a China-related corporate entity.
“Malaysia has been a strategic investment market for the group, which currently has five projects launched — two in the Klang Valley and three in Johor,” the company added.
It also said it has strong cash flow with a healthy balance sheet and sales remained resilient across all projects. — April 21, 2020
