Nov 02 2011
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Tenaga finally issues $1.6bn Sukuk
The Sukuk was priced at 3.8% to 4.9% and is offered in 16 tranches. The issue was awarded an AAA rating by Malaysian ratings agency RAM Ratings and attracted RM23bn ($7.5bn) worth of subscriptions.
Manjung houses three 700MW coal-fired plants but with Malaysia's increasing demand for electricity TNB has chosen to expand its facilities instead of buying power from Sarawak Energy as reported in Issue 22 of The Islamic Globe.
TNB recently posted a net profit of RM499.5m ($163m) down from RM3.2bn ($1.04bn) in the last financial year, citing higher fuel costs. They are in talks with the government and national oil company Petronas over the severe shortage of gas according to national news agency Bernama. Its worries will only ease in 2015 when the new plant is expected to be operational and powering up to 2m households.
© The Islamic Globe 2011
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