By Khairul Khalid
Shahril Shamsuddin
SapuraKencana Petroleum Bhd has agreed to a US$2.1 bil (RM9.05 billion) Islamic loan with a consortium of local, regional and international banks, according to a company statement today.
“The six-year Islamic facility matches the longer-term business profile of SapuraKencana and is one of our proactive measures to prepare for long-term resilience.
“This contributes to the sustainability of the group’s competitiveness and better positions us to navigate through the current period of uncertainty,” said Shahril Shamsuddin, president and group chief executive officer of SapuraKencana.
The company said that the multi-currency Islamic facility is based on the Syariah principle of murabahah and proceeds raised shall be utilised, inter alia, to refinance SapuraKencana’s existing short-term Islamic facility due in 2016.
“I wish to thank the consortium of banks that have participated in the Islamic facility and the strong vote of confidence these banks have accorded to SapuraKencana in spite of the challenging industry and global environment,” said Shahril.
Maybank Investment Bank Bhd is the coordinating bank, bookrunner and arranger for the Islamic facility.
The company added that this loan reflects its commitment to Syariah compliance under the Securities Commission of Malaysia.
At market closing today, SapuraKencana shares were trading unchanged at RM1.86.
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