Award-winning property developer, UDA Holdings Bhd , which has RM3.7bil in total assets, will be issuing RM1bil worth Sukuk Wakalah through two programmes for its investors.UDA, an agency under the Entrepreneur Development and Cooperatives Ministry , diversified its business in property development, property investment, hospitality, and facilities management.
He shared that funds from the issuance of Sukuk Wakalah would be used such as working capital to finance commercial, housing, industrial development and waqf projects. “In line with global developments that emphasises sustainability in every step of the organisation, the issuance of UDA Sukuk Wakalah also adopts the Sustainability Sukuk Framework which was issued by the Securities Commission Malaysia,” he said.
The value of UDA’s development projects implemented until the end of September last year is RM494.8mil. UDA also has a reserve land of 410.4ha with an estimated market value of RM2.6bil. Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick, who was in Sarawak for his working visit, attended the event via virtual.