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Kota Kinabalu: SMJ Sdn Bhd (SMJSB), a wholly-owned subsidiary of the State Government of Sabah through Chief Minister Incorporated of Sabah, priced its inaugural RM900 million Islamic medium-term notes or Sukuk Wakalah on Oct 16.

It was issued from its AAA-rated Multi-Currency Sukuk Wakalah Programme of up to RM10 billion or its equivalent in other currencies in nominal value. 

AmInvestment Bank Berhad is the sole Principal Adviser and Lead Arranger for the Sukuk Wakalah Programme.

The sukuk, which has a tenure of between five and 15 years, was issued under the Shariah principle of Wakalah and carries a profit rate of between 4.23 per cent and 4.67pc per annum.