Kami Builders Sdn Bhd (KBSB), a wholly owned subsidiary of Wawasan QI Properties Sdn Bhd under QI Group, has established a RM300 million ASEAN Sustainability SRI Sukuk Programme and issued RM90 million under its first tranche to support the development of Quest International University’s (QIU) new campus in Ipoh, Perak.
Supporting the Development of QIU’s New Campus
Structured on the Shariah principle of Murabahah via Tawarruq, the programme carries a tenure of 30 years, with the first tranche maturing in five years. Public Investment Bank Berhad acted as the Sole Principal Adviser, Lead Arranger, Lead Manager and Facility Agent for the Sukuk Programme, while Amanie Advisors Sdn Bhd served as the Shariah Adviser.
The offering attracted strong interest from institutional investors, including asset managers and financial institutions.
Proceeds from the sukuk issuance will finance the development and construction of Quest International University’s new campus on a 10-acre site in Gunung Lang, Ipoh. Established in partnership with the Perak State Government, QIU serves more than 2,000 students from over 40 countries.
Strong Ratings for the Sukuk Programme
The first tranche of the SRI Sukuk Murabahah has been assigned a AAA(s) credit rating by RAM Ratings, the highest investment-grade rating on the RAM scale.
RAM Sustainability also accorded a SILVER Sustainable Finance Rating to KBSB’s ASEAN Sustainability SRI Sukuk Framework, recognising its alignment with the Securities Commission Malaysia’s SRI Sukuk Framework as well as international standards, including the ASEAN Sustainability Bond Standards and the International Capital Market Association’s Sustainability Bond Guidelines.
Confidence in a Long-Term Investment
KBSB Director Shekhar Balasubramaniam said the sukuk programme reflects the alignment of sustainable investment with initiatives that deliver measurable socio-economic benefits for communities.
Dato’ Sri Vijay Eswaran, Founder and Executive Chairman of QI Group, said: “At QI Group, we have built businesses across more than 30 countries. We know what a sound long-term investment looks like. QIU was one of our most deliberate, a decision to commit capital to Malaysia’s education sector at a time when the opportunity was clear, but the work was long. This sukuk, backed by institutional demand, tells you everything about our confidence in that decision. The market has confirmed it.”
Related Coverage
Business Today: Qi-Owned Kami Builders Issues RM300 Million ASEAN Sukuk To Fund A New Campus In Perak
RAM Ratings: RAM Ratings assigns final AAA(s) rating to Kami Builders’ RM90 million Tranche 1 SRI Sukuk Murabahah
Dagang News: Kami Builders lancer Sukuk SRI Kelestarian ASEAN RM300 juta bina kampus Quest International University di Perak
