First US corporate issuer of Sukuk (Islamic Bonds) listed on Bursa Malaysia which further strengthens and deepens Malaysian Sukuk Market
Kuala Lumpur-- December 1, 2009 --- GE Capital, the finance arm of General Electric (NYSE: GE) announced the listing of its inaugural "sukuk" issuance on Bursa Malaysia, further opening up the Malaysian sukuk market. The five-year, $500 million US$ denominated sukuk completed on November 27, 2009 had strong demand and makes GE Capital the first US corporate sukuk issuer to be listed on Bursa Malaysia under the exempt regime.
This listing underscores the importance of Malaysia as a key market for GE, where the company has been operating since the 1970s and where GE has invested about RM1 billion. The listing also further cements Malaysia's status as a key Islamic financial centre globally, offering depth to the Malaysian Islamic market. In August, Bursa Malaysia registered sukuk offerings by PETRONAS and Cagamas MBS Berhad.
This listing, part of a global offering with initial listing on the London Stock Exchange, enables GE Capital to tap into a new and important investor base, diversifying its funding base across currencies, markets and investors.
"The sukuk platform will help complement and solidify GE's growing presence in the region and allows us to attract incremental liquidity from Islamic investors locally," explained Stuart Dean, president and CEO, GE ASEAN.
"The Malaysian Islamic financial centre is seen as one of the most progressive and attractive in the world, as well as being the largest market for Islamic financial instruments. We're honored to be part of the stable of Islamic offerings that contribute to Malaysia having this distinction," he continued.
Dato' Yusli Mohamed Yusoff, chief executive of Bursa Malaysia commented, "The listing of GE Capital scores another first for Bursa Malaysia as the first foreign company to list its sukuk on the Exchange. This listing will allow our investors to enjoy a wider exposure of global products in our market."
Malaysia is the largest sukuk issuance centre in the world where 62% of global outstanding sukuk, at an estimated USD66 billion as at end of June 2009, was originated.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit gecapital.com or follow company news via Twitter (@GECapitalNews).
About GE
GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health, to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com. GE is Imagination at Work.
About Bursa Malaysia
Bursa Malaysia Berhad is a public company limited by shares under the Companies Act 1965. Bursa Malaysia is an approved exchange holding company under Section 15 of the Capital Markets and Services Act 2007. Other companies in the Bursa Malaysia Berhad Group of companies include a stock exchange, a derivatives exchange, an off-shore international financial exchange, equity and derivatives clearing houses, a central depository, an information services provider and an Information Technology services provider.
Bursa Malaysia Securities Berhad, a wholly-owned subsidiary of Bursa Malaysia Berhad, is an approved stock exchange under Section 8 of the Capital Markets and Services Act 2007.
Media Contact:
Bursa Malaysia
Geeta Balakrishnan
+60 3 2034 7374
[email protected]
Jiak Woen Khor
GE Corporate Manager - Communications
[email protected]
+60-3-2267-1808
+60-1-2203-0188