IslamicFinance.de

The Tenaga Nasional Bhd informed the stock exchange that it has issued RM2bil Islamic medium-term notes (sukuk wakalah). This is the first issuance under the sukuk programme of up to RM5bil in nominal value set up last month. The programme has a tenure of 50 years starting from the date of this first issue.
Tenaga Nasional Bhd told the Bursa Malaysia that based on its consolidated statement of financial position as at May 31, 2017, its consolidated gearing would then increase to 0.70 times from 0.66 times. Additionally the sukuk wakalah issuance would not have any impact on the earnings, earnings per share and net assets per share of the company for the current financial year.
Earlier this year, Tenaga Nasional Bhd had said the proceeds raised from the programme would be used to finance capital expenditure, investment, general corporate purposes, working capital requirements and/or refinance any existing financing facilities and to defray any fees and expenses of the sukuk programme.