Petronas Gas subsidiary Pengerang LNG Two plans up to RM3b Sukuk


  • Corporate News
  • Thursday, 17 Sep 2020

KUALA LUMPUR: Petronas Gas Bhd’s subsidiary Pengerang LNG (Two) Sdn Bhd (PLNG 2)plans to issue of Islamic medium term notes (Sukuk Murabahah) programme of up to RM3bil.

It said on Thursday its 65% owned PLNG 2 had lodged the programme with the Securities Commission which will have a tenure of 30 years from the date of the first issue.

Petronas Gas said the programme has been assigned an indicative rating of AAA by Malaysian Rating Corporation Bhd.

The proceeds from the programme shall be used to repay shareholders’ advances and/or redemption of redeemable preference shares including any associated costs. They would also be used to prepay the jetty usage, as stated in the agreement dated Feb 28, 2017 between Pengerang Terminals (Two) Sdn Bhd and PLNG2.

The proceeds would be used as working capital, capital expenditure and general corporate expenditure purposes and to fund the finance service reserve account.

“The Sukuk Murabahah programme will provide PLNG2 the flexibility to raise medium to long-term funding to meet its business funding requirements as and when required including capital structure optimisation, general capital expenditure, working capital and for revenue-liability hedging.

“PLNG2 will also be able to diversify its funding sources for better financial flexibility by tapping the Islamic debt capital markets,” it said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Petronas Gas , Pengerang LNG , sukuk

   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Across the site