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RDS Advises SkyWorld Group On The Islamic Commercial Papers and Islamic Medium-Term Notes Programme

We advised SkyWorld Development Berhad (SkyWorld), an award-winning property developer on the establishment of Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) programme of RM 300 million in nominal value by its funding vehicle, SkyWorld Capital Berhad (Issuer) to raise funds for, among others, SkyWorld group’s investment activities, capital expenditure and working capital requirements.

The programme is based on the Shariah principle of Wakalah Bi Al-Istithmar (ICP and IMTN Programme) and the first issuance of ICP thereunder was on 10 May 2023. The ICP and IMTN Programme was rated AIS(CG)/MARC-1IS(CG) by MARC Ratings Berhad and the programme tenure is 7 years.

Our Capital Markets Head & Partner, Ong Eu Jin together with Senior Associates, Lily Lee Zai-Lii and Diane Ngu Dai En and Associate, Christin Wong Tsui Yuan were the key lawyers involved in the transaction.

In addition to carrying out legal due diligence and drafting of the transaction documents, we also were involved in the preparation of the information memorandum and the lodgement kit submitted to the Securities Commission Malaysia (SC).

The RDS Capital Markets practice remains active in the debt capital markets sector and advises a diverse range of clients.

Further details on the debt capital market deals advised by our Partner, Ong Eu Jin can be found here.

If you have any queries, please contact our Capital Markets Head & Partner, Ong Eu Jin at

Further information on SkyWorld Capital Berhad’s ICP and IMTN Programme can be found at:

The Edge Markets

The Edge Prop

15 May 2023

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