SapuraKencana Petroleum Berhad (“SKPB or Group”), through its wholly-owned subsidiary, SapuraKencana TMC Sdn Bhd (“SKTMC”), signed a USD 2.1 billion equivalent Murabahah term financing facility (“Islamic Facility”) with a consortium of Malaysian, regional and international banks.
The 6-year multi-currency Islamic Facility is based on the Shariah principle of Murabahah and proceeds raised shall be utilised, inter alia, to refinance SKTMC’s existing short-term Islamic facility due in 2016.
The Islamic Facility reflects the Group’s continued commitment to retain its status as a Shariah-compliant security under the List of Shariah-Compliant Securities issued by the Shariah Advisory Council of the Securities Commission Malaysia.
Tan Sri Dato’ Seri Shahril Shamsuddin, President and Group Chief Executive Officer stated, “The 6-year Islamic Facility matches the longer-term business profile of SKPB and is one of our proactive measures to prepare for long-term resilience. This contributes to the sustainability of the Group’s competitiveness and better positions us to navigate through the current period of uncertainty.”
“I wish to thank the consortium of banks that have participated in the Islamic Facility and the strong vote of confidence these banks have accorded to SKPB in spite of the challenging industry and global environment”, he added.
Maybank Investment Bank Berhad is the Coordinating Bank, Bookrunner and Arranger, in relation to Islamic Facility.