KUALA LUMPUR: Velesto Energy Bhd
’s wholly-owned subsidiary, Sumber Ribu Sdn Bhd has lodged documents with the Securities Commission to establish Islamic commercial papers (ICP) and Islamic medium-term notes (IMTN) programmes with a combined limit of up to RM1bil.
“The sukuk wakalah programmes will provide Velesto and its group of companies the flexibility to raise funds via the issuance of ICP and/or IMTN from time to time, up to RM1bil in nominal value, pursuant to the sukuk wakalah programmes,” Velesto said in a filing with Bursa Malaysia.
The ICP programme will have a tenure of seven years, with issuances maturing between one and 12 months, while the IMTN programme will have a perpetual tenure with a minimum tenure of one year per issuance.
The programmes are unsecured and guaranteed by Velesto. RAM Rating Services Bhd has accorded a short-term and long-term rating of P1(s) and AA2(s) with a stable outlook to the sukuk wakalah programmes.
Proceeds will be used for Shariah-compliant purposes, including investments, capital expenditure, working capital and refinancing of borrowings.
Maybank Investment Bank Bhd is the principal adviser, lead arranger and lead manager, while Maybank Islamic Bhd is the Shariah adviser.
