Gas Malaysia proposes debt programmes to raise up to RM1.4bil

KUALA LUMPUR: Gas Malaysia Bhd has proposed an Islamic commercial papers (ICPs) programme of up to RM700mil and an Islamic medium term notes (IMTNs) programme of up to RM700mil. 

The company proposes to issue ICPs up to RM700mil in nominal value under the ICP programme and IMTNs of up to RM700mil in nominal value under the IMTN programme, subject to a combined aggregate limit of up to RM700mil in nominal value under the syariah principle of Murabahah. 

“The ICP programme and the IMTN programme shall have a tenure of seven years and 10 years, respectively from the date of the first issue under the respective programmes,” Gas Malaysia said in a filing with Bursa Malaysia on Friday. 

The proceeds raised from the issuance of the Sukuk Murabahah will be utilised by the company to refinance the borrowings of Gas Malaysia Group of companies to finance present and future syariah-compliant investments. 

It will also be used to finance the company’s syariah-compliant working capital and capital expenditure requirements to pay fees, expenses and costs. - Bernama