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Published: Friday July 13, 2012 MYT 10:52:00 PM
Petronas Gas subsidiary gets SC nod for RM1.16b issuance
KUALA LUMPUR: Petronas Gas Bhd's 60% owned Kimanis Power Sdn Bhd has received the Securities Commission's approval for the proposed issuance of up to RM1.16bil nominal value Islamic securities.
PetGas said on Friday the Sukuk programme would have a tenure of 16 years from the date of first issue of the Sukuk under the Sukuk programme. The Sukuk programme was rated AA- by the Malaysian Rating Corporation Bhd.
It said the proceeds of the Sukuk Kimanis would be used to part finance all costs associated with the 285 MW Kimanis power plant project including working capital requirements for the project.
The Sukuk programme would consist of two series. The first series would comprise of serial tranches, with tenures of up to 16 years, with an aggregate nominal amount of RM860mil.
The second series would have tenures of up to 10.5 years, with an aggregate nominal amount of RM300mil.
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