By Khairul Khalid
Shahril Shamsuddin
SapuraKencana Petroleum Bhd will be launching the first tranche of a US$200 million (RM841.35 million) sukuk offering this month, the company says.
“The initial tranche of the US dollar sukuk to be launched marks the group’s first unrated US dollar offerings and further reaffirms our commitment in promoting Syariah-compliant financing.
“The successful launch of the sukuk will further optimise the group’s capital structure and creates a benchmark for SapuraKencana’s future sukuk issuance under this programme,” said SapuraKencana president and group chief executive officer Shahril Shamsuddin in a statement today.
The first tranche under the multi-currency sukuk programme has been scheduled to be launched on Sept 8, 2015.
Maybank Investment Bank Bhd is the principal adviser, lead arranger, and also the lead manager for the first issuance under the multi-currency sukuk programme.
Abdul Farid Alias
“This signing ceremony goes beyond the formalisation of a financing agreement; it is also a bold statement of confidence, mettle, and optimism that solidifies the financial partnership between Maybank and SapuraKencana Petroleum.
“This issuance marks another benchmark for Maybank Investment Bank as this will be the first unrated US dollar sukuk to be raised onshore,” said Maybank group president and chief executive officer Abdul Farid Alias.
Proceeds raised will be utilised to partly refinance SapuraKencana Petroleum’s wholly-owned subsidiary SapuraKencana TMC Sdn Bhd’s existing financing. The issue is not rated and is structured based on the Syariah principle of commodity murabahah (via tawarruq arrangement).
The sukuk offering will be the first to be launched under the new Securities Commission’s guidelines on unlisted capital market products under the lodge and launch framework effective from June 15, 2015.
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