Friday 29 Mar 2024
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KUALA LUMPUR (July 22): Perdana Petroleum Bhd is extending RM682.5 million in financial assistance to Dayang Enterprise Holdings Bhd, which maintains a 60.48% stake in Perdana, in order to help Dayang establish new means to repay its debt.

In a bourse filing today, Perdana said the financial assistance is needed to facilitate the establishment of Dayang’s proposed sukuk programme, which is part of a group-wide debt restructuring exercise undertaken by Dayang.

“The group-wide debt restructuring exercise of the Dayang Group aims to restructure and reschedule their loans and debt obligations to strengthen the financial position of the Dayang Group, and put in place an efficient and optimal capital structure, amid the recovery in the oil and gas industry,” the group said.

Perdana added that Dayang’s sukuk programme is aimed at restructuring and rescheduling Dayang’s existing borrowings.

Some RM317.5 million of the sukuk programmes’ proceeds will be used to deal with existing borrowings owed by Dayang, while the remaining RM365 million will be channelled into Perdana Petroleum for the early redemption of Perdana’s Sukuk Murabahah.

Of the RM682.5 million to be extended to Dayang, RM455 million will be provided by Perdana Petroleum to Dayang to redeem RM365 million of notes issued under Perdana’s sukuk programme, and to pay RM90 million owed under Perdana’s 2019 repayment schedule.

Meanwhile, the balance RM227.5 million will be used by Dayang to partially pay back its existing borrowings to those other than Perdana.

The proposed provision of financial assistance is subject to approval from Perdana’s shareholders, which the group hopes to obtain in an extraordinary general meeting.

Shares of Perdana closed unchanged to 34 sen, valuing the company at RM264.68 million.

Meanwhile, shares of Dayang closed 0.72% or a sen lower at RM1.37, giving it a market capitalisation of 1.32 billion.

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