Malaysia’s power giant to issue $628m sukuk

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Tenaga nasionalTenaga Nasional Bhd, Malaysia’s largest power utility, over one of its subsidiaries, plans to issue a 2 billion ringgit ($628 million) Islamic bond, or sukuk, the company announced on July 3 in a filing to the stock exchange in Kuala Lumpur.

The proceedings of the bonds will to pay outstanding debt and provide working capital, it said.

The bonds, to be issued by Tenaga’s 60 per cent owned Kapar Energy Ventures Sdn Bhd, will have a tenor of up to 13 years.

It has been assigned a final rating of AA+IS by Malaysian Rating Corporation Bhd and is expected to be issued on July 5, Tenaga said.

After the issuance, Tenaga’s consolidated gearing would rise to 0.41 times from 0.39 times, based on its balance sheet for the financial year ended August 31.

AmInvestment Bank Bhd has been appointed as the principal adviser, arranger and manager for the sukuk.

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Reading Time: 1 minute

Tenaga Nasional Bhd, Malaysia’s largest power utility, over one of its subsidiaries, plans to issue a 2 billion ringgit ($628 million) Islamic bond, or sukuk, the company announced on July 3 in a filing to the stock exchange in Kuala Lumpur.

Reading Time: 1 minute

Tenaga nasionalTenaga Nasional Bhd, Malaysia’s largest power utility, over one of its subsidiaries, plans to issue a 2 billion ringgit ($628 million) Islamic bond, or sukuk, the company announced on July 3 in a filing to the stock exchange in Kuala Lumpur.

The proceedings of the bonds will to pay outstanding debt and provide working capital, it said.

The bonds, to be issued by Tenaga’s 60 per cent owned Kapar Energy Ventures Sdn Bhd, will have a tenor of up to 13 years.

It has been assigned a final rating of AA+IS by Malaysian Rating Corporation Bhd and is expected to be issued on July 5, Tenaga said.

After the issuance, Tenaga’s consolidated gearing would rise to 0.41 times from 0.39 times, based on its balance sheet for the financial year ended August 31.

AmInvestment Bank Bhd has been appointed as the principal adviser, arranger and manager for the sukuk.

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