Danajamin guarantees Pasukhas green sukuk
KUALA LUMPUR: Financial guarantee insurer Danajamin Nasional Bhd is guaranteeing Tranche 1 of the 20-year RM200 million Islamic Medium-Term Notes Programme (Asean Green SRI Sukuk) issued by Pasukhas Green Assets Sdn Bhd (PGASB), a wholly owned subsidiary of Pasukhas Group Bhd.
Tranche 1 of the Asean Green SRI Sukuk, for an amount of RM17 million with tenures of up to 10 years, is unrated and will be fully subscribed upon issuance.
Proceeds from the issuance of the Asean Green SRI Sukuk will be used for Pasukhas’ hydropower plant project in Sungai Rek, Kelantan, and to explore other renewable energy assets in Malaysia.
Danajamin chief executive officer (CEO) Mohamed Nazri Omar said Pasukhas, which was founded in 1985 as a mechanical and electrical contractor, had evolved over the years to become a one-stop solution for mechanical and electrical engineering needs.
The issuance marks Danajamin’s first foray into green sukuk, in support of environmentally sustainable infrastructure projects in Malaysia.
Pasukhas CEO Wan Thean Hoe expressed his appreciation on the trust DNB had placed in the company through its guarantee.
“This will be a stepping stone for Pasukhas to strengthen its energy business by exploring more opportunities in the renewable energy segment.”
Danajamin has provided guarantees for bond or sukuk programmes issued by 38 companies and brought about a market impact of about RM21.2 billion through its risk-sharing collaboration with partner banks.