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Wednesday, 22 May 2013

Malaysia: RM1.6b sukuk proposal by for gas-fired power plant in Penang

KUALA LUMPUR: Tenaga Nasional Bhd's (TNB) wholly owned subsidiary TNB Northern Energy Bhd (TNB NE) has proposed to issue RM1.625bil in nominal value sukuk based on the syariah principles of ijarah and wakalah.
In a filing with Bursa Malaysia yesterday, TNB said the proposed sukuk TNB NE will be issued in one lump sum and will consist of 39 series with tenors ranging from four years to 23 years from the date of issuance.
The proposed sukuk TNB NE will be issued on May 29.
Malaysian Rating Corporation Bhd (MARC) has assigned a final rating ofAAAIS to the sukuk TNB NE.
“The proceeds to be raised from the proposed sukuk will be utilised for the construction and delivery and working capital requirement for the 1071.43 MW combined cycle gas-fired power plant in Prai, Pulau Pinang,” TNB said.
Upon issuance of the proposed sukuk TNB NE, TNB's consolidated borrowings will increase by RM1.625bil.
Based on TNB's audited consolidated balance sheet for the financial year ended Aug 31, 2012, TNB's consolidated gearing would then increase from 0.39 times to 0.40 times.
The proposed sukuk TNB NE will not have any impact on the earnings and earnings per share and net assets per share of TNB for the current financial year.
HSBC Amanah Malaysia Bhd and KAF Investment Bank Bhd are the joint lead arrangers and the joint lead managers for the sukuk issue.
HSBC Amanah also acted as the Shariah Adviser for the sukuk Issue while HSBC Bank Malaysia Bhd acted as the financial adviser for the project financing.

(The Star Online / 21 May 2013)

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