Friday 29 Mar 2024
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KUALA LUMPUR (Jan 15): SapuraKencana Petroleum Bhd, through its wholly-owned subsidiary SapuraKencana TMC Sdn Bhd (SKTMC), today signed a US$2.3 billion equivalent Islamic Facility Agreement to convert a portion of its existing conventional Multi-Currency Facility (MCF) borrowings into a facility based on the Shariah principle of Murabahah with 11 local, regional and international banks.

The transaction represents the largest Islamic Facility in Malaysia to date, according to a major bank involved in the deal.

With the completion of this transaction, SapuraKencana (Fundamental Score: 1.3; Valuation Score: 1.8) said, it is now on track to return to the Securities Commission's List of Shariah Compliant Securities, by meeting the debt over total assets financial ratio benchmark.

Tan Sri Shahril Shamsuddin, president and group chief executive officer of SapuraKencana said, “This is testament to SapuraKencana’s commitment to support Malaysia’s ongoing initiatives and efforts in positioning itself as an international Islamic financial centre.”

“We have been working very closely with our group of MCF lenders, and we are grateful for the strong commitment and continued support from the lenders, which have allowed us to accomplish another significant milestone”, he added.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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