Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Jan 6): Tenaga Nasional Bhd (TNB) said it is in the preliminary stages of setting up a long-term multi-currency medium term note programme as part of its ongoing process of exploring funding options it might require in the future.

"This is in line with (our) strategic objectives, and to sustain growth and shareholder value creation," it said in a statement today.

"Any potential sukuk issuance in the future will largely depend on the successful completion of prospective transactions," the national utility company added.

It was responding to recent news reports suggesting that it has plans to issue US$3 billion (RM13 billion) global sukuk to fund its investments.

On Monday, Bloomberg reported that TNB was asking bankers to submit pitches for a US$3 billion sukuk programme, and proceeds will be used to fund overseas investments including the purchase of a 30% stake in Turkish power firm Gama Enerji AS for US$243 million.

The group last issued dollar-denominated debt in 1996 when it sold 100-year conventional notes, it was reported.

At 4.31pm, TNB shares traded unchanged at RM13.20 today, with some 6.44 million shares changing hands, for a market capitalisation of RM74.49 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.)

      Print
      Text Size
      Share