REPUBLIKA.CO.ID, KUALA LUMPUR, Malaysia - Sarawak Energy Bhd, a Malaysian power company, back plans to issue sukuk worth 3 billion ringgit or one million dollars. Some time ago, the company has issued their first sukuk worth 15 billion ringgit.
In the description of local officials as reported by The Star last weekend, sukuk issuance will be a few times. The first stage, Sarawak Energy will issue a sukuk worth 500 million ringgit with a tenor of five years and a coupon of 4.4 percent per year. (source)
In the description of local officials as reported by The Star last weekend, sukuk issuance will be a few times. The first stage, Sarawak Energy will issue a sukuk worth 500 million ringgit with a tenor of five years and a coupon of 4.4 percent per year. (source)
In the second stage, the sukuk will be issued with a value of 700 million ringgit with a tenor of seven years and a coupon of 4.7 percent. While the remainder will be published two more times, with each period of 10 years and 15 years, with a coupon that is 5.15 percent and 5.65 percent per year.
Meanwhile, according to officials RHB Investment Bank Bhd, Mike Chan consultant and lead arranger for this sukuk program, will result Sarawak Energy sukuk will be used as capital to finance corporate spending and borrowing. "It's a great program that once made our electric utility company," he said.
He admitted to financing channels are used to meet funding Sarawak Energy from 2011 to 2016 later. "This is a reflection of high credit berdirnyai between Sarawak Energy investors," he explained.
The sukuk, which will be issued by Sarawak Energy is part of the program Musharaka sukuk. This program made the Malaysian government to motivate the company issued a sukuk to absorb the domestic market as well as update the asset liability.
Musharaka contract itself is one of the activities of Islamic finance, which means there is cooperation or participation of the parties with other parties in running a business. Sukuk are typically issued to obtain project funding, develop or finance business running.
U.S. electric companies from operating in the neighboring country, the Westports Malaysia Sdn Bhd also plans to issue sukuk from a similar program worth 2 billion ringgit. Executive Director, Westports Malaysia, Ruben Emir Gnanalingam, said coupling Am Investment Investment Bank Bhd and Maybank Bhd as an arranger for the sukuk with this 20-year tenor.
According to the Investment Bank Executive Director of Maybank, Datuk Tengku Aziz Tengku Zafrul, sukuk issuance related to corporate strategy Wetports. "We're discussing it matures," he said.
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