“This is an innovative transaction, not least because it’s the first sovereign sukuk to initially involve only non-physical underlying assets,” said Kevin Wong, Partner, Linklaters, Singapore.
Wong added that this is the first-ever sukuk to include entitlements to travel on public transportation as an underlying asset. “The deal was another demonstration of our capabilities in Islamic finance and capacity to deliver on complex transactions,” Wong said.
Under the structure, at least 80% of the proceeds will be invested in vouchers representing an entitlement to certain travel units, while the balance will be invested in shares of Pengurusan Aset Air. These assets may be replaced by leasable assets at any time during the life of the sukuk.
The legal firm acknowledges the work of Wong, Hyung Ahn, Managing Partner; Phill Hall, Counsel, Singapore, and Xavier Amadei, Counsel, Singapore for Linklaters in facilitating the transaction.
The legal firm acknowledges the work of Wong, Hyung Ahn, Managing Partner; Phill Hall, Counsel, Singapore, and Xavier Amadei, Counsel, Singapore for Linklaters in facilitating the transaction.