YNH Property Bhd announced that the Company has on 25 November 2021 made a lodgement with the Securities Commission Malaysia (?SC?) for the establishment of the Sukuk Wakalah Programme pursuant to the SC?s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (issued by the SC on 9 March 2015 and revised on 22 November 2021, as amended from time to time). The Sukuk Wakalah Programme is structured based on the Shariah principle of Wakalah Bi Al-Istithmar and accords the Company the flexibility to issue secured or unsecured Sukuk Wakalah from time to time. The Sukuk Wakalah Programme has been assigned a preliminary rating of A+IS by Malaysian Rating Corporation Berhad. The proceeds raised from the issuance of the Sukuk Wakalah shall be utilised by the Company for the following Shariah compliant purposes in the following order of priority: (i) repayment of existing financing/borrowings to unencumber the Secured Properties; and (ii) defraying fees, costs and expenses in relation to the issuance of the Sukuk Wakalah and Sukuk Wakalah Programme. The remaining proceeds after (i) and (ii) above shall be utilised by the Company for the following Shariah compliant purposes:- (iii) capital expenditure and/or investments (comprising the purchase of land(s), building(s), Shariah-compliant shares, property and/or payment into joint ventures) of the Company, its group of companies and/or any of the security providers for the Sukuk Wakalah; and/or (iv) working capital of the Company and/or its group of companies; and/or (v) refinancing of existing financing/borrowings of the Company or its group of companies; and/or (vi) general corporate purposes of the Company and/or its group of companies; and/or (vii) inter-company advances between the Company and its group of companies. For the avoidance of doubt, all utilisation of proceeds raised under the Sukuk Wakalah Programme shall be Shariah compliant. HSBC Amanah Malaysia Berhad (?HSBC Amanah?) is the sole Principal Adviser, Lead Arranger and Shariah Adviser for the Sukuk Wakalah Programme, whereas CIMB Investment Bank Berhad and HSBC Amanah are the Joint Lead Managers for the Sukuk Wakalah Programme.