19/11/2012 (Bernama) - Golden Agri-Resources Ltd's (GAR) unit, Golden Assets International Finance Ltd, has completed its inaugural issuance of RM1.5 billion Islamic medium-term notes (IMTNs) pursuant to its 15-year ringgit-denominated IMTN programme of up to RM5 billion.

GAR, Indonesia's largest oil palm plantation group, is currently listed on Singapore Exchange Securities Trading Ltd.

In a statement today, GAR said Malaysia was the ideal location for the issue of its sukuk given its well-established and advanced sukuk market with abundant liquidity, coupled with its familiarity with the palm oil industry in general.

The IMTNs have a tenor of five years and will mature in November 2017, it said.

"The net proceeds will be used for the company's general corporate purposes which are in compliance with syariah principles," it said.