1. INTRODUCTION

We refer to our announcements dated 25 January 2019 and 22 March 2019 in relation to the above.The Board of Directors of MNRB Holdings Berhad (“MNRB” or the “Company”) is pleased to announce that the Company has, on 9 February 2024, made a lodgement with the Securities Commission of Malaysia (the “SC”) for the upsizing of the Sukuk Programme from RM320 million in nominal value to RM420 million in nominal value by exercising the upsizing option under the Sukuk Programme.

The Sukuk Programme is established under the SC’s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework issued by the SC on 9 March 2015 (updated and effective on 15 June 2015 and revised on 5 February 2024) (“SC LOLA Guidelines”).

2. DETAILS OF SUKUK MURABAHAH PROGRAMME

The Sukuk Programme was originally lodged with the SC on 24 January 2019 for the issuance of Senior Sukuk Murabahah and/or Subordinated Sukuk Murabahah from time to time (collectively, “Sukuk Murabahah”) subject to the aggregate outstanding nominal value of the Sukuk Murabahah not exceeding the Sukuk Murabahah Programme’s limit at any point in time. The Company had, on 22 March 2019, issued Subordinated Sukuk Murabahah of RM320 million under the said Sukuk Programme.

MNRB has, on 9 February 2024, upsized the Sukuk Programme’s limit from RM320 million in nominal value to RM420 million in nominal value in accordance with the upsizing option provided under the Sukuk Programme. For the avoidance of doubt, no consent is required from the Sukuk Trustee, the Sukukholders or any other party under the Sukuk Programme for the upsizing exercise.

Other than the upsizing, all other salient terms of the Sukuk Programme remain the same.

The upsizing of the Sukuk Programme is intended to support MNRB and its subsidiaries (“MNRB Group”)’s growth trajectory in the Shariah-compliant general re/takaful and family re/takaful business. This bodes well towards the MNRB Group’s business remodelling plan to diversify its revenue stream and focus its growth in the non-voluntary cession (“VC”) business.

3. ADVISERS

AmInvestment Bank Berhad is the Principal Adviser, Lead Arranger and Lead Manager for the Sukuk Programme while AmBank Islamic Berhad is the Shariah Adviser for the Sukuk Programme.

This announcement is dated 9 February 2024.