Jul 03 2011

Sarawak Sukuk Success

By Emmy Abdul Alim Sarawak Energy, the state-owned electricity group, has announced its maiden Sukuk Musharakah program for RM15bn ($4.9bn), the largest single debt program ever established by a Malaysian utility company.

Proceeds are to be used for Capex and refinancing of existing debts. As a key facilitator of the state and federal governments' plans to tap Sarawak's energy resources via the development of the Sarawak corridor of Renewable Energy, SEB's Sukuk take-up will ensure the success of the energy corridor.

SEB CEO Torstein Dale Sjotveit told The Islamic Globe that investor demand for the issue was strong and confirmed that the company's funding requirements for the next five years are now secure.

© The Islamic Globe 2011

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