Malaysia’s power giant to issue $628m sukuk

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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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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