RAKIA Sukuk (continued...) - Islamic Finance News
RAKIA Sukuk (continued...) - Islamic Finance News
RAKIA Sukuk (continued...) - Islamic Finance News
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TERMSHEET<br />
INSTRUMENT<br />
ISSUER<br />
PRINCIPAL ACTIVITIES<br />
Boustead REIT Manager<br />
The initial public offering exercise of the units of the Shariah compliant real estate investment trust known<br />
as the Al-Hadharah Boustead REIT, constituted by a trust deed between Boustead REIT Manager and<br />
CIMB Trustee acting as trustee of the fund formed to own and invest primarily in plantation assets and<br />
assets as permitted under the Guidelines on Real Estate Investment Trusts and the Guidelines on <strong>Islamic</strong><br />
Real Estate Investment Trusts issued by the Malaysian Securities Commission to generate investment<br />
income based on <strong>Islamic</strong> principle of Ijarah.<br />
Al-Hadharah Boustead REIT acting through CIMB Trustee & Boustead REIT Manager<br />
The issuer, a Shariah compliant REIT, was formed to own and invest primarily in plantation assets and assets<br />
as permitted under the REIT Guidelines to generate investment income based on <strong>Islamic</strong> principles.<br />
The issuer issued units through the manager.<br />
The principal activity of the manager is to manage and administer Al-Hadharah Boustead REIT.<br />
BOARD OF DIRECTORS<br />
Lt Gen (R) Dato’ Mohd Yusof Din<br />
Datuk Azzat Kamaludin<br />
Dato’ (Dr) Megat Abdul Rahman Megat Ahmad<br />
Tuan Hj Johari Muhamad Abbas<br />
Gen (R) Tan Sri Dato’ Mohd Ghazali Hj Che Mat<br />
Tan Sri Dato’ Lodin Wok Kamaruddin.<br />
DATE OF LISTING 8 th February 2007<br />
ISSUE SIZE<br />
US$138 million<br />
DATE OF ISSUE 15 th January 2007<br />
LEAD ARRANGERS<br />
LEGAL COUNSEL<br />
FINANCIAL ADVISER<br />
UNDERWRITERS<br />
TRUSTEE<br />
SHARIAH ADVISER<br />
METHOD OF ISSUE<br />
Affi n Bank Berhad, MIMB Investment Bank, Pacifi c Alliance Capital, Affi n Securities<br />
Albar & Partners<br />
Affi n Bank, Pacifi c Alliance Capital<br />
Affi n Bank, MIMB Investment Bank<br />
CIMB Trustee<br />
<strong>Islamic</strong> Banking and <strong>Finance</strong> Institute Malaysia<br />
Public offerings of 220 million comprising:<br />
(i) Retail offering of 22 million<br />
(ii) Institutional offering of 198 million<br />
252 million units of the Al-Hadharah Boustead REIT issued to the vendors as consideration for the<br />
purchase of the plantation assets by the fund from the vendors<br />
1,000 units issued to the promoters (i.e. managers) prior to the listing of the Al-Hadharah Boustead REIT<br />
PURPOSE OF ISSUE<br />
The Al-Hadharah Boustead REIT was undertaken by Boustead Group to realize the fair value of the plantation<br />
assets while retaining productive use of the plantation assets. The REIT will also allow Boustead<br />
Group to participate in the local real estate investment market through its proposed holding in the units<br />
of the Al-Hadharah Boustead REIT as well as its involvement together with LTAT in the management of<br />
the Al-Hadharah Boustead REIT.<br />
Al-Hadharah Boustead REIT will use the units to be issued, proceeds from the proposed public offering<br />
and <strong>Islamic</strong> fi nancing facility to fi nance the purchase of the plantation assets and to fi nance the listing<br />
expenses and working capital of the fund. The purchase of the plantation assets is primarily to facilitate<br />
the REIT exercise involving the arrangement to lease the plantation assets back to the vendors pursuant<br />
to the Ijarah agreements. Under the Ijarah, the plantation assets are leased back to the vendors as<br />
tenants for a cumulative tenure of up to 30 years.<br />
RATING<br />
NA<br />
www.<strong>Islamic</strong><strong>Finance</strong><strong>News</strong>.com<br />
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