CEO Kee Chit Huei said the sukuk wakalah received positive response from investors.
PETALING JAYA: Keyfield International Bhd
has completed its inaugural issuance of RM200mil in nominal value under its sukuk wakalah programme with a total limit of up to RM1bil.
It said in a statement yesterday that the issuance was split into two tranches of RM100mil each in nominal value, with tenures of three and five years.
Keyfield intends to utilise proceeds from the issuance to expand its fleet of vessels and finance the group’s investments and general corporate purposes, capital expenditure, working capital requirements for oil and gas and non-oil and gas offshore works and to support other maritime-related services.
Group chief executive officer and executive director Datuk Darren Kee Chit Huei said the sukuk wakalah received positive response from investors.
“Achieving a periodic distribution rate of below 5% per annum underscores the market’s trust in our business fundamentals and growth prospects,” he said.
The sukuk wakalah programme, based on the syariah principle of wakalah bi al-istithmar has been assigned a long-term rating of AA3 with a stable outlook by RAM Rating Services Bhd.
It was lodged with the Securities Commission on Oct 23, 2024 with a tenure of 30 years.
Maybank Investment Bank Bhd is the principal adviser, lead arranger and lead manager for the sukuk wakalah programme.
Maybank Islamic Bhd, meanwhile, acts as the syariah adviser.
Keyfield is involved in the provision of offshore accommodation via its vessel chartering business and currently mainly serves the offshore oil and gas industry in Malaysia.
For its third quarter ended Sept 30, 2024, Keyfield’s net profit rose to RM81.12mil from RM45.78mil in the previous corresponding period.
Revenue, meanwhile, grew to RM216.79mil from RM148.95mil a year earlier.
In a filing on its third-quarter performance, the group said it is cautiously optimistic of its prospects.
“As at Sept 30, 2024, our remaining order book consisting of contracted charters to date amounted to RM450mil, out of which RM150mil is in respect of the remaining three months of financial year 2024.” —Agencies
