KUCHING: Press Metal Aluminium Holdings Bhd has issued Islamic Medium Term Notes or Sukuk Wakalah for an aggregate nominal value of RM500 million, with tenures of five and seven years.
This was the company’s fourth issuance of Sukuk Wakalah under the Sukuk Programme.
Maybank Investment Bank Bhd is the sole principal adviser and lead arranger for the Sukuk Programme. AmInvestment Bank Bhd, Maybank Investment Bank Bhd and United Overseas Bank (Malaysia) Bhd are the joint lead managers for the fourth issuance.
To recap, on Aug 9, 2019, Press Metal made a lodgement with the Securities Commission Malaysia (SC) pursuant to the SC’s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework for the establishment of the Sukuk Programme.
The Sukuk Programme shall have a tenure of 30 years and is structured based on the Shariah Principle of Wakalah bi al-Istithmar, with proposed issuance of up to RM5 billion in nominal value.
The proceeds from the issuance of the Sukuk Wakalah shall be utilised for the group’s Shariah-compliant general corporate purposes, including capital expenditure, working capital requirements, investment and refinancing of existing financing/borrowings.
Press Metal, which is Southeast Asia’s largest integrated aluminium smelter with plants in Bintulu and Mukah, made the first issuance of Sukuk Wakalah for an aggregate nominal value of RM1 billion with tenures of five, seven and 10 years on Oct 17, 2019.
The second and third issuance of RM700 million (with tenures of five years) and RM600 million (with tenures of six and seven years) were made on Aug 17, 2020 and Dec 7, 2021 respectively.
Meanwhile, Dayang Enterprise Holdings Bhd said its wholly-owned subsidiary company, Dayang Enterprise Sdn Bhd (DESB) has been awarded contract extension for the provision of Pan Malaysia Maintenance, Construction and Modification (PM-MCM) contract for year 2018-2023 from PTTEP Sarawak Oil Limited and PTTEP Sabah Oil Limited.
“The value of the contact is based on work orders issued by PTTEP throughout the contract duration. The contract extension duration is approximately one year, five-and-half months commencing from 17th July 2023 until 31st December 2024,” Dayang said in a filing with Bursa Malaysia.
Dayang said the contract is expected to contribute to the company’s earnings during the contract period.
