Sapurakencana to Launch its First Sukuk Offering
SapuraKencana Petroleum Berhad ("SKPB") through its wholly-owned subsidiary, SapuraKencana TMC Sdn Bhd ("SKTMC"), today announced the signing of the transaction documents for its inaugural Multi-Currency Islamic Medium Term Notes Programme (“MultiCurrency Sukuk Programme”).
The first tranche of the Sukuk offering of USD 200 million in nominal value under the Multi–Currency Sukuk Programme has been scheduled to be launched on 8th September 2015.
Proceeds raised will be utilised to partly refinance SKTMC’s existing financing. The issue is not rated and is structured based on the Shariah principle of Commodity Murabahah (via Tawarruq arrangement).
The Sukuk offering will be the first to be launched under the new Securities Commission’s (SC) Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework effective from 15 June 2015 (“LOLA Framework”).
Tan Sri Dato’ Seri Shahril Shamsuddin, President and the Group Chief Executive Officer said, “The initial tranche of the USD Sukuk to be launched marks the Group’s first unrated USD offerings and further reaffirms our commitment in promoting Shariah compliant financing. The successful launch of the Sukuk will further optimize the Group’s capital structure and creates a benchmark for SKPB’s future Sukuk issuance under this programme.”
Maybank Group President & Chief Executive Officer, Datuk Abdul Farid Alias said, “This signing ceremony goes beyond the formalization of a financing agreement; it is also a bold statement of confidence, mettle and optimism that solidifies the financial partnership between Maybank and SKPB. This issuance marks another benchmark for Maybank Investment Bank Berhad as this will be the first unrated USD Sukuk to be raised onshore.”
Maybank Investment Bank Berhad is the Principal Adviser, Lead Arranger and also the Lead Manager for the first issuance under the Multi-Currency Sukuk Programme.
