Business News

Published: Friday March 21, 2014 MYT 7:12:00 PM
Updated: Friday March 21, 2014 MYT 7:14:12 PM

Petronas Dagangan issues RM300m Sukuk

KUALA LUMPUR: Petronas Dagangan Bhd has issued RM300mil Islamic medium term notes under its proposed RM2bil Sukuk programme.

It said on Friday the tenure of the issue was 367 days from the date of issuance. The profit rate was 3.53% per annum payable semi-annually.

"The proceeds to be raised from the first issuance will be utilised by the issuer to finance its working capital requirements which are Shariah-compliant," it said.

Petronas Dagangan said upon the first issuance, its consolidated gearing would increase from 0.12 times to 0.18 times on a proforma basis, based on its audited consolidated statement of financial position as at Dec 31, 2013.

The Sukuk programme was assigned final short-term and long-term ratings of MARC-1(IS) and AAA(IS) respectively by Malaysian Rating Corp Bhd, with a stable outlook.

The proposed Sukuk programme was announced on April 19, 2013. CIMB Investment Bank Bhd and HSBC Amanah Malaysia Bhd were the joint principal advisers, joint lead arrangers and joint lead managers for the RM2bil Sukuk programme.

The joint Shariah advisers for the Sukuk programme were CIMB Islamic Bank Bhd and HSBC Amanah Malaysia Bhd.

Tags / Keywords: Business News, Investing

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