Tenaga Nasional Bhd (TNB) logo is seen on the signage at its power station in Malacca at sunset. (Pix taken by M. Hafidz Mahpar for Star Online)
KUALA LUMPUR: Tenaga Nasional Bhd
(TNB) has issued RM2bil Islamic medium-term notes (sukuk wakalah), it informed the stock exchange.
This represents the first issuance under the sukuk programme of up to RM5bil in nominal value set up last month. The programme has a tenure of 50 years starting from the date of this first issue.
The issuance results in the utility giant’s consolidated borrowings rising by RM2bil.
TNB told Bursa Malaysia that based on its consolidated statement of financial position as at May 31, 2017, its consolidated gearing would then increase to 0.70 times from 0.66 times.
It added that the sukuk wakalah issuance would not have any impact on the earnings, earnings per share and net assets per share of the company for the current financial year.
When it announced the sukuk programme on July 6, TNB said the proceeds raised from the programme would be used to finance capital expenditure, investment, general corporate purposes, working capital requirements and/or refinance any existing financing facilities of TNB and/or its subsidiaries and to defray any fees and expenses of the sukuk programme.
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