“Glomac Bhd has launched a RM3 billion Islamic medium-term note (IMTN) programme with Maybank to fund land acquisitions, capital expenditure, and working capital. The sukuk wakalah programme aims to strengthen Glomac’s financial reserves and support long-term growth.“
Kuala Lumpur, 14th Feb 2025, 11.05am – Property developer Glomac Bhd has launched an Islamic medium-term note (IMTN) programme worth up to RM3 billion in collaboration with Malayan Banking Bhd. The sukuk wakalah programme is aimed at funding land acquisitions, capital expenditures, and working capital requirements.
Glomac group managing director and CEO Datuk Seri FD Iskandar Mohamed Mansor stated that the initiative strengthens the company’s financial position while enabling it to capitalize on strategic land banking opportunities.
“The sukuk programme provides Glomac with flexible access to capital, ensuring we are well-positioned to seize growth opportunities as they arise. This initiative reinforces our financial stability and long-term expansion plans,” he said in a statement on Thursday.
Maybank Investment Bank CEO Michael Oh-Lau highlighted that the programme offers Glomac the ability to issue either rated or unrated sukuk, including sustainable formats, aligning with its long-term financing strategy.
“Maybank is honoured to support Glomac’s inaugural entry into the debt capital market, offering seamless financial solutions through our expertise in global banking, capital markets, and Islamic finance,” he said.
As part of its expansion strategy, Glomac is exploring ventures beyond its core property development business, including property investments, construction, and renewable energy projects.
With a land bank valued at approximately RM7 billion in gross development value (GDV), the company remains focused on developing projects in Greater Kuala Lumpur and Johor, targeting the affordable and mid-market residential segments.
Maybank Investment Bank served as the sole principal adviser, lead arranger, and lead manager for the programme, with Maybank Islamic Bhd acting as the shariah adviser.
Glomac’s shares closed down 0.5 sen or 1.28% at 38.5 sen on Thursday, bringing its market capitalisation to RM308.03 million.
