Petronas Gas subsidiary issuing RM3b Islamic bonds

Institution : Securities Commission Malaysia - SC
17 September, 2020      211

 

 

KUALA LUMPUR (Sept 17): Petronas Gas Bhd said its 65%-owned subsidiary Pengerang LNG (Two) Sdn Bhd (PLNG2) had today lodged the latter’s proposed Islamic bonds under the sukuk murabahah programme with the Securities Commission Malaysia (SC).

In a statement to Bursa Malaysia today, Petronas Gas said the sukuk will raise funds, which will be used to, among others, repayment shareholders’ advances.

"The sukuk murabahah programme shall have a tenure of 30 years from the date of the first issue of sukuk murabahah under the sukuk murabahah programme which shall be made within 60 business days from the date of the lodgment with the SC or any other extended dates approved by the SC.

"The sukuk murabahah programme has been assigned an indicative rating of AAA by Malaysian Rating Corp Bhd.

"The sukuk murabahah programme will provide PLNG2 the flexibility to raise medium- to long-term funding to meet its business funding requirements as and when required including capital structure optimisation, general capital expenditure, working capital and for revenue-liability hedging. PLNG2 will also be able to diversify its funding sources for better financial flexibility by tapping the Islamic debt capital markets," Petronas Gas said.


Original Source: https://www.theedgemarkets.com/article/petronas-gas-subsidiary-issuing-rm3b-islamic-bonds


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