Friday 29 Mar 2024
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KUALA LUMPUR (July 2): Cypark Resources Bhd's wholly-owned unit Cypark Ref Sdn Bhd intends to raise up to RM550 million fresh capital through issue of Islamic Medium Term Notes programme to finance 3x30MWAC solar photovoltaic power plant projects.

In a filing with Bursa Malaysia this evening, Cypark Resources said the Islamic Sukuk programme will have a tenure of 22 years, commencing from the date of the first issuance.

Maybank Investment Bank Bhd (Maybank IB) is the Principal Adviser, Lead Arranger and Lead Manager for the Sukuk Programme.

In December last year, Cypark Resources announced Cypark Ref bagged two contracts worth a combined RM450 million to build a solar photovoltaic energy-generating facility in Sik, Kedah; and another one at Empangan Terip, Negeri Sembilan.

Cypark Ref then accepted the letters of award from Viva Solar Sdn Bhd for the Sik project valued at RM225 million, and from Cypark Estuary Solar Sdn Bhd for the Empangan Terip project worth RM225 million on a turnkey basis.

The balance sheet as at April 30 shows that Cypark Resources’ long term debts were at RM465.47 million, while short term liabilities were at RM218.19 million, against its total equity of RM691.76 million. 

Cypark Resources’ share price was unchanged at RM1.55 today, giving it a market capitalisation of RM724.5 million. 

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