KUALA LUMPUR (Sept 11): Dialog Group Bhd plans to raise up to RM3 billion via perpetual sukuk to fund its investments, acquisitions, debt refinancing as well as working capital requirements.

"The company has lodged an Islamic notes issuance programme of up to an aggregate amount of RM3 billion in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar with the Securities Commission [Malaysia]," it said in a bourse filing.

The sukuk programme, which has a perpetual tenure, provides the group with the flexibility to issue senior Islamic medium term notes and/or subordinated perpetual Islamic notes, subject to the aggregate outstanding nominal amount not exceeding RM3 billion at any point in time.

The senior sukuk Wakalah under the programme, it noted, has been accorded an initial rating of AA2 by RAM Rating Services Bhd, while the perpetual sukuk Wakalah has been accorded an initial rating of A1. Both ratings carry a stable outlook.

Dialog said it may also use proceeds raised from the sukuk programme for capital expenditure, repayment of inter-company borrowings and general corporate purposes of the group or its subsidiaries, associates and joint venture companies.

"AmInvestment Bank Bhd and CIMB Investment Bank Bhd are the joint principal advisers, joint lead arrangers and joint lead managers for the sukuk programme, while AmBank Islamic Bhd and CIMB Islamic Bank Bhd are the joint shariah advisers," it added.

Dialog is a leading technical service provider in the oil, gas and petrochemical industries, according to its website.

Shares in Dialog closed unchanged at RM3.65 today, with 8.23 million units done. This gives the counter a market capitalisation of RM20.59 billion.