Taliworks to issue RM210m sukuk

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KUALA LUMPUR (Apr 7): Public utilities operator Taliworks Corp Bhd has obtained the Securities Commission Malaysia's (SC) approval to issue up to RM210 million sukuk. of which the proceeds will be used mainly to repay a loan facility of up to RM200 million and for working capital.

In a filing with Bursa Malaysia today, Taliworks (fundamental: 1.5; valuation: 2.4) said the SC had vide its letter dated April 3, 2015 authorised the proposed issuance of sukuk to be undertaken by Grand Sepadu (NK) Sdn Bhd – the operator of the New North Klang Straits Bypass Expressway.

Grand Sepadu is a joint venture company which Taliworks has a 75% indirect equity interest.

Hong Leong Investment Bank Bhd is the principal adviser and lead arranger for the sukuk. 

Taliworks shares closed down 1 sen or 0.43% today to RM2.33, with a market capitalisation of RM1.02 billion.

(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.)