KUCHING: Petra Energy Bhd’s subsidiary, Petra Resources Sdn Bhd (PRSB), has been awarded a maintenance service contract by Petronas Carigali Sdn Bhd. The contract is for the provision of hook-up,commissioning and topside major maintenance services in Sabah and Sarawak. “The duration of the contract is for a period of 15 months from August 16, 2019 to November 15, 2020,” Petra Energy told Bursa Malaysia. The company has not, however, revealed the contract value.
“The contract will not have any effect on the share capital and substantial shareholders’ shareholdings of Petra Energy group. “The contract is expected to contribute positively to the earnings and net assets per share of Petra Energy group for the duration of the contract,” it added.
Petra Energy said as the contract comprises the usual operation and execution risks,PRSB would take appropriate measures to minimise the risks. Separately,in responding to a recent article in The Edge,Petra Energy said it is unaware of any extension of a five-year contract for the provision of hook-up, commissioning and topside major maintenance services awarded to PRSB from May 21, 2013 to May 20, 2018.
As the contract carried an option for a 12-month extension,Petra Energy has earlier agreed to that extension which had expired on May 20, 2019. The Edge’s article had said that as Petroliam Nasional Bhd (Petronas) was understood to have aborted the award of a multi-billion ringgit integrated hook- and commissioning (IHUC) contract,it was learnt that the incumbents undertaking the contracts,like Petra Energy, could be given an extension of up to a year on their existing contracts as a result of the cancellation.“A this point of time,the company is not aware of any further extension,” clarified Petra Energy.
Meanwhile, construction form Ahmad Zaki Resources Bhd (AZRB) said its wholly-owned unit AZRB Capital Sdn Bhd has proposed to issue Islamic Medium Term Notes facility of up to RM535 million in nominal value based on the Shariah principle of Murabahah (proposed Sukuk Murabahah Facility).
AZRB Capital had lodged the Sukuh Murabahah Facility with Securities Commission Malaysia on Sept 4, 2019.
“The Sukuh Murabahah Facility will have a tenure of 12 years from the date of issuance of the Sukuk Murabahah. “The proceeds raised from the issuance will be advanced to AZRB for the Shariah-compliant general working capital requirements and corporate purposes of AZRB.
“The Sukuk Murabahah Facility is secured against a list of securities,including the guarantee from AZRB,and has been accorded with a preliminary long-term rating of AA- (stable outlook) by Malaysian Rating Corporation Bhd,” said AZRB in a filing with Bursa Malaysia.
Maybank Investment Bank Bhd is the principal adviser,lead arranger and leader manager for the proposed Sukuk Murabahah Facility.
