Lagenda Properties completes $120 million first sukuk issuance

What's the deal? Lagenda Properties BhdDealroom has a profile for this one. Try Dealroom →, through a wholly owned subsidiary, has completed its first issuance of US$113.6M in Sukuk Wakalah. The issuance, completed on September 17, is Series 1 under the group's Sukuk Wakalah Programme, based on the Shariah principle of Wakalah Bi Al-Istithmar.

Why now? The sukuk falls under Lagenda's larger US$358.7M Islamic medium-term notes programme, giving the developer headroom to tap debt markets in future tranches.

The signal: The move marks Lagenda's entry into Islamic debt financing, a channel that lets it raise capital while adhering to Shariah investment principles.

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