Gas Malaysia to raise up to RM700m from sukuk

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Gas Malaysia Bhd has es­tab­lished an Is­lamic Com­mer­cial Papers (ICPs) Pro­gramme and an Is­lamic Medium Term Notes (IMTNs) Pro­gramme.

The com­pany pro­poses to is­sue ICPs of up to RM700 mil­lion in nom­i­nal value un­der the ICP pro­gramme and up to RM700 mil­lion in nom­i­nal value un­der the IMTN Pro­gramme, sub­ject to a com­bined ag­gre­gate limit of up to RM700 mil­lion in nom­i­nal value un­der the syariah prin­ci­ple of Muraba­hah (via Tawar­ruq ar­range­ment).

In a fil­ing with Bursa Malaysia last Fri­day, the com­pany said the prin­ci­pal terms and con­di­tions of the Sukuk Muraba­hah pro­grammes were ear­lier lodged with the Se­cu­ri­ties Com­mis­sion Malaysia (SC) in ac­cor­dance with the SC’s Guide­lines on Un­listed Cap­i­tal Mar­ket Prod­ucts un­der the Lodge and Launch Frame­work.

The ICP Pro­gramme and the IMTN Pro­gramme will have a ten­ure of seven years and 10 years re­spec­tively from the date of the first is­sue un­der the re­spec­tive pro­grammes. The ICPs and IMTNs are un­se­cured and will not be listed on Bursa Se­cu­ri­ties or on any other stock ex­change.

The pro­ceeds raised from the is­suance of the Sukuk Muraba­hah will be used to re­pay/re­fi­nance the bor­row­ings/fi­nanc­ing of the group, to fi­nance present and fu­ture syariah-com­pli­ant in­vest­ments, to fi­nance the com­pany’s syariah-com­pli­ant work­ing cap­i­tal and cap­i­tal ex­pen­di­ture re­quire­ments and/or to pay fees, ex­penses, costs and other amounts payable in re­la­tion to the pro­grammes.

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