MARC Solutions has assigned a “Gold” Impact Assessment to Sunway Cochrane Sdn Bhd’s (Sunway Cochrane) Green Sukuk Framework. The framework sets forth the guiding principles for Sunway Cochrane’s issuance of green sukuk for Eligible Projects that contribute towards environmental benefits.

Sunway Cochrane is a property development company jointly owned by Sunway Berhad, through its subsidiary Sunway City Sdn Bhd, and RKR Bina Sdn Bhd. Sunway Cochrane is part of Sunway Berhad’s property development division, commonly known as Sunway Property. Incorporated in 2001 and formerly known as Sunway Rahman Putra Sdn Bhd, Sunway Cochrane is undertaking a mixed-use, transit-oriented development in Kuala Lumpur. Directly connected to the Cochrane MRT station, the development provides low-carbon mobility options through enhanced accessibility and walkability.

Proceeds raised from the green sukuk in relation to the framework will be utilised to finance expenditures under the following Eligible Categories:

• Green Building
• Renewable Energy

We opine that the framework is aligned with the core components of the applicable guidelines, frameworks, and principles published by the Securities Commission Malaysia, ASEAN Capital Markets Forum, and the International Capital Market Association, among others.

The Gold assessment of the framework reflects the view that the use of proceeds raised from the green sukuk would provide relevant environmental benefits aligned with 9 of the 17 United Nations Sustainable Development Goals.