Sukuk Musyarakah Programme investors get updates on projects, future growth aspirations

KUCHING: Sarawak Energy recently updated its current and potential investors on the group’s business including its projects and future growth aspirations at an Investors’ Townhall session held in Kuala Lumpur.

A press release yesterday said the event held on Aug 15 saw a turnout of over 100 representatives from foreign and local financial institutions including pension funds, asset management companies, banks and insurance entities who have invested or are considering investing in Sarawak Energy’s Sukuk Musyarakah Programme.

Group chief executive officer Sharbini Suhaili delivered a comprehensive presentation including the group’s performance and financial highlights as well as growth trajectory over the last decade.

“As part of its commitment to transparency and good practice, Sarawak Energy organises investors’ update sessions to ensure this key stakeholder group are kept well-informed of the business. This session marked the first investors’ townhall since the acquisition of Sarawak Hidro Sdn Bhd, which owns the 2,400 MW Bakun hydroelectric plant, in August last year,” the statement added.

Sharbini also took the opportunity to update the audience on the recent RAM Ratings report on Sarawak Energy, which was released prior to the townhall.

“RAM Ratings has reaffirmed our AA1 credit rating for Sarawak Energy’s Sukuk Musyarakah Programme and revised our longterm rating outlook from stable for 2011 to 2017 to positive. This was mainly due to strong uptrend in electricity sales and these sales were also complemented by cost savings following the acquisition of Sarawak Hidro Sdn Bhd, which in turn owns the Bakun hydroelectricity plant, in 2017,” he said.

“This is especially important for Sarawak Energy in playing our role to serve our customers throughout the state with affordable, reliable and renewable energy as well as to power Sarawak Corridor of Renewal Energy ( SCORE),” he added.

The townhall also provided a platform for Sarawak Energy’s senior management to directly address questions during a panel question and answer session.

Sharbini was joined by chief financial officer Alexander Chin, SEB Power chief executive officer James Ung, SESCO chief executive officer Lau Kim Swee and executive vice president (strategy and corporate development) Ting Ching Zung.