MDV plans to issue RM1bil sukuk in Q4

Category: MDV in the News Post Date: August 4, 2016

MDV plans to issue RM1bil sukuk in Q4

KUALA LUMPUR: Technology financier Malaysia Debt Ventures Bhd (MDV) plans to raise RM1bil via sukuk in the fourth quarter of this year in an effort to increase its lending ability including to start-ups.

Managing director and chief executive officer Datuk Md Zubir Ansori Yahaya said the new sukuk issuance, the company’s second Islamic bond issuance, would likely have a government-guarantee status.

He said it is now awaiting approval from the Finance Ministry (MoF).

“We are quite confident (of obtaining the government guarantee) based on our presentation to them earlier and they are very happy with our performance.

Also present was Science, Technology and Innovation Minister Datuk Seri Madius Tangau.

Md Zubir said the funds from the new sukuk, which will likely have a 10-15 year tenure, could be rolled out and replenished until end-2017.

MDV is a venture capital firm wholly-owned by the Minister of Finance Inc.

The company has issued a RM1.5bil sukuk in 2008 as an alternative way to raise funds.

To-date, it has approved a total of RM9.8bil in financing support to 700 innovation, technology and information technology-based companies including Iris Corp Puncak Semangat and MOL Global Inc.

The company, which has reported profits for the last six years, has started paying dividends to the Government since five years ago.

-Bernama

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