Puncak Niaga Holdings Bhd (KLSE:PUNCAK) announced a private placement of redeemable convertible sukuk ijarah for gross proceeds of MYR 165,000,000 on January 18, 2013. The convertible sukuk will mature at five years from the date of issue. Hong Leong Islamic Bank Berhad will serve as a lead banker in the transaction. The transaction was approved by the Securities Commission Malaysia on the same date.

On March 22, 2013, the company announced that the sukuk ijarah is convertible into 165,000,000 new shares of the company.

On May 28, 2013, the company announced that the transaction was approved at the extraordinary general meeting of the company.

On June 28, 2013, the company announced that the sukuk ijarah is convertible at MYR 2 per share.

On August 7, 2013, the board of directors of the company announced that the trust deed was signed between the company and the trustee.