KUALA LUMPUR: Petronas Gas Bhd
’s (PGB) 65 per cent-owned subsidiary Pengerang LNG (Two) Sdn Bhd (PLNG2) has issued RM800 million Islamic medium term notes (sukuk murabahah).
The gas infrastructure and utilities company said the sukuk murabahah was issued in 11 tranches with tenors ranging from five to 15 years.
"Upon the issuance of the RM800 million sukuk murabahah, PLNG2 will utilise the RM800 million proceeds for payment towards the prepayment of the jetty usage agreement (JUA); and/or towards payment obligations under the JUA; and/or working capital, capital expenditure and general corporate expenditure purposes and to fund the finance service reserve account,” it said in a Bursa Malaysia filing.
In December last year, PLNG2 inked an agreement with Pengerang Terminals (Two) Sdn Bhd to undertake the prepayment transaction which entails the early settlement of the agreed portion the annual fixed charges for the remaining service period of the JUA from Jan 1, 2026, until March 2, 2044, or any other date agreed by the parties involved, for up to US$173.64 million.
PGB said the sukuk issuance is not expected to have a material impact on the group’s earnings, earnings per share and net assets per share for the current financial year.
"The issuance is expected to slightly increase PGB group's gearing. The group will continue to maintain a prudent and optimum gearing position,” it added.
It also said the sukuk issuance will not have any effect on its issued and paid-up share capital and the substantial shareholders' shareholding in PGB.
CIMB Investment Bank Bhd is the sole principal adviser and sole lead arranger for the sukuk murabahah programme. CIMB is also the sole lead manager/bookrunner for the sukuk murabahah. - Bernama
