KUALA LUMPUR: Perak Transit Bhd (PTrans) has proposed establishing an Islamic medium-term notes programme of RM1.5 billion in nominal value, based on the Shariah principle of Wakalah Bi Al-Istithmar sukuk. In a filing with Bursa Malaysia today, PTrans stated that the sukuk programme would have a perpetual tenure, allowing for the issuance of sukuk Wakalah as needed. PTrans will also have the flexibility to issue the sukuk programme in compliance with relevant sustainability guidelines. Proceeds from the sukuk issuance will be used to finance and reimburse the capital expenditure of PTrans and its subsidiaries. This includes development and construction costs for the integrated bus transport terminal cum commercial complex, Terminal Seri Iskandar, at Bandar Seri Iskandar in Perak, subject to a margin of advance of 70 per cent. Additionally, the funds will be utilised to finance general working capital, capital expenditure, refinancing of existing borrowings, future Shariah-compliant financing, general cor porate purposes and defray expenses. Source: BERNAMA News Agency