KUALA LUMPUR (Sept 8): SapuraKencana Petroleum Bhd has issued a US$200 million (RM868.5 million) tranche under its RM7 billion multi-currency Islamic bond pogramme.
SapuraKencana is undertaking the exercise via wholly-owned SapuraKencana TMC Sdn Bhd. In a filing with Bursa Malaysia today, SapuraKencana said proceeds from the inaugural issuance would partly refinance SapuraKencana TMC's existing debt.
“The unrated sukuk is structured based on the Shariah principle of Commodity Murabahah (via Tawarruq arrangement),” SapuraKencana said.
In an earlier statement, SapuraKencana president and group chief executive officer Tan Sri Shahril Shamsuddin said the sukuk indicated the group’s commitment to undertake Shariah-compliant financing.
SapuraKencana’s RM7 billion sukuk is based on a notional ringgit-US dollar exchange rate of 3.30. This compares to the latest rate at 4.3405 today.
Earlier, Shahril said: “The initial tranche of the US dollar sukuk to be launched marks the group’s first unrated US dollar offerings and further reaffirms our commitment in promoting Shariah compliant financing.”
He also said “the successful launch of the Sukuk will further optimise the group’s capital structure”.
At 12.30pm today, SapuraKencana shares rose two sen, or 1.2%, to settle at RM1.72, giving the company a market capitalisation of RM10.31 billion.
At 2.52pm, the stock was traded at RM1.73 with some five million shares done.
(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.)