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KUALA LUMPUR: Yinson Holdings Bhd
, which is listed on the Main Market of Bursa Malaysia Securities, has been re-classified as syariah-compliant securities by the Securities Commission (SC) on Friday.
The offshore production and offshore support services provider said on Friday that over these past few months, it has taken all necessary steps to ensure its financing profile and composition meet SC’s classification requirements for Shariah-compliant securities.
Yinson said these include Yinson TMC Sdn Bhd issuing its inaugural Sukuk Murabahah of RM250mil on Nov 8, 2016.
On Jan 26 2017, Yinson Production (West Africa) Pte Ltd converted its then existing US$780mil conventional syndicated term loan into an Islamic Murabahah term financing facility.
The conversion was recognised as the “2016 IFN Africa Deal of the Year” by the Islamic Finance News, a global leading Islamic finance news provider.
Yinson group executive chairman Lim Han Weng said the group would continue to emphasise on selecting Islamic finance as a primary source of financing wherever possible.
“We are proud to be supporting the national objective of being the global Islamic finance hub. Our recent IFN award is a testament of our commitment to Islamic financing as this is currently the largest Islamic facility for FPSO financing,” he added.
On the corporate front, Yinson had a firm start in 2017 after its indirect unit, Yinson Clover Ltd a secured a floating production storage and offloading (FPSO) time charter contract.
The contract was awarded by Talisman Vietnam 07/03 B.V. – a unit of Repsol S.A. Its FPSO John Agyekum Kufuor produced first oil in Ghana three months ahead of schedule.
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