Petronas Dagangan lodges RM10b sukuk wakalah programmes with SC

PETRONAS Dagangan Bhd (PetDag) had lodged a Sukuk Wakalah Programme with a combined aggregate limit of up to RM10 billion in nominal value with the Securities Commission Malaysia.

In a filing with Bursa Malaysia today, PetDag said it will use funds raised from the programmes for its investments, capital expenditure, working capital requirements and refinancing of existing borrowings or future financing. 

The group had on March 28 and today (March 29) lodged the relevant documents to the SC relating to the Islamic Medium Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes based on the shariah principle of Wakalah Bi Al-Istithmar. 

PetDag said the ICP will have a tenure of seven years from the date of first issuance. The tenure of each ICP issued under the programme will be between one month and 12 months.

Meanwhile, the IMTN will have a perpetual programme tenure. Each IMTN may be issued with a tenure of at least one year from the date of the issuance. 

“The sukuk wakalah programmes are unsecured and MARC Ratings Berhad has assigned preliminary short-term and long-term ratings of MARC-1(IS) and AAA(IS) with a stable outlook to the ICP Programme and IMTN Programme, respectively,” said PetDag. 

Maybank Investment Bank Bhd is the sole principal adviser, sole lead arranger and lead manager, while Maybank Islamic Bhd is the shariah adviser for the programmes. 

At the time of writing, PetDag’s share price gained 22 sen or 1.05% to RM21.08,  giving it a market capitalisation of RM20.9 billion. – TMR