Sabah Energy Corp Completes Maiden RM350 Mln Sukuk Issuance
KUALA LUMPUR, Sept 17 (Bernama) -- Sabah Energy Corporation Sdn Bhd (SEC) has completed its maiden sukuk issuance of RM350.0 million under its RM3.0 billion Sukuk Wakalah Programme.
In a joint statement today, SEC and Maybank Investment Bank Bhd said the sukuk was assigned a long-term AAA rating with a stable outlook by RAM Rating Services Bhd.
The sukuk was also priced through a book-building exercise, a first for a Sabah state government-linked company.
“It was oversubscribed by a commendable 2.2 times, notwithstanding the market volatility amidst escalating geopolitical tensions,” the statement said.
SEC group chief executive officer Datuk Adzmir Abd Rahman said the inaugural issuance marks the establishment of its first Sukuk Wakalah Programme, which provides SEC with a scalable and flexible funding platform to support SEC’s PETA 2030 agenda.
The agenda focuses on strengthening its gas and infrastructure core, expanding power generation and renewable energy and enabling disciplined investments across Sabah’s energy value chain.
“In turn, this supports the broader outcomes envisaged under Sabah Energy Roadmap and Master Plan 2040 (SERAMP 2040): stronger energy security, a faster energy transition and more reliable supply for Sabah,” he said.
Maybank Investment Banking Group chief executive officer Michael Oh-Lau said the issuance would broaden and diversify SEC’s access to long-term ringgit funding while raising the profile of both SEC and Sabah among domestic and international institutional investors.
“The strong over-subscription reflects investors’ confidence in SEC’s credit strength and growth trajectory. We are proud to support Sabah’s infrastructure development and the state’s position within ASEAN’s energy ecosystem,” he said.
Maybank Investment Bank acted as the sole principal adviser, sole lead arranger, sole lead manager, sole sustainability structuring adviser, shariah adviser and facility agent for the transaction.
-- BERNAMA