KUALA LUMPUR (March 3): Sapura Energy Bhd’s wholly-owned subsidiary Sapura TMC Sdn Bhd has secured approval from holders of the latter's up to RM10 billion worth of Islamic bonds or sukuk to waive potential defaults specified in the special resolution of sukukholders, according to the bonds' facility agent Maybank Investment Bank Bhd (Maybank IB).

"As the facility agent, we (Maybank IB) attach herewith the self-explanatory letter dated March 1, 2022 from Maybank Trustees Bhd confirming that the special resolution sought has been approved by the sukukholders in accordance with the terms of the trust deed on March 1, 2022," Maybank IB said in a filing on Bank Negara Malaysia’s Fully Automated System for Issuing/Tendering (FAST) website on Wednesday (March 2).

According to Maybank Trustees' Tuesday letter to Sapura TMC, bondholders had on that day approved Sapura TMC's bond default waiver request.

"Sukuk series one" had received an approval rate of "95.5%", while "sukuk series two" obtained "100%" approval from bondholders, according to Maybank Trustees.

Maybank IB's filing on Wednesday followed one on Monday during which the investment bank said Sapura TMC had sought bondholders' consent for the "issuer's (Sapura TMC) request to waive any default or event of default which may arise as a result of any events or circumstances arising from the last date of the waiver period as required pursuant to clause 23 of the intercreditor agreement".

According to Maybank IB, Maybank Trustees had communicated, via a letter last Friday, Sapura TMC's request to bondholders.

At 11.34am on Thursday, Sapura Energy shares were traded unchanged at four sen.

The stock fell to a record low of 3.5 sen earlier in the day, giving it a market value of about RM558.95 million based on the company's 15.97 billion outstanding shares.