Mudajaya unit to issue up to RM245m sukuk
15 Nov 2017, 10:15 am
main news image

This article first appeared in The Edge Financial Daily on November 15, 2017 - November 21, 2017

KUALA LUMPUR: Mudajaya Group Bhd has proposed to issue Islamic bonds worth up to RM245 million to partly finance the development of a solar photovoltaic (PV) energy-generating facility of 49MWac in Sungai Siput, Perak.

In a filing with Bursa Malaysia yesterday, Mudajaya said the Green SRI Sukuk Wakalah will be issued on a one-off basis, where it may comprise one or more series having the same issue date but different maturity dates. The tenure of each series of the proposed sukuk will be up to 18 years from the date of its issuance.

Mudajaya said its indirect wholly-owned power generation subsidiary, Sinar Kamiri Sdn Bhd (SKSB), last Tuesday made the lodgement with the Securities Commission Malaysia for the proposed sukuk. SKSB is a wholly-owned subsidiary of Mudajaya RE Sdn Bhd, which is an indirect wholly-owned unit of Mudajaya through its wholly-owned subsidiary, Mudajaya Energy Sdn Bhd.

In March, SKSB inked a power purchase agreement (PPA) with Tenaga Nasional Bhd to build the solar PV energy-generating facility, expected to commence operations on Aug 31, 2018. The PPA’s tenure of 21 years will be effective from the facility’s commercial operation’s commencement.

In September, Mudajaya announced it had completed a private placement of 9.84% of its issued shares at RM1.15 per placement share, raising RM60.95 million. The proceeds will be used to fund the construction of the new power concession asset.

In a separate statement yesterday, Malaysian Rating Corp Bhd said it has assigned a preliminary rating of AA-IS to SKSB’s proposed sukuk, with a stable outlook. The estimated total development cost of the solar project is RM306.25 million, it added.

Print
Text Size
Share