Malaysian company Dialog Group has set up a 3 billion ringgit ($723 million) sukuk programme.
The company is a technical service provider to the oil, gas and petrochemical industries.
It said in a bourse filing on September 11 the programme will have a perpetual tenure that will provide the company the flexibility to issue senior sukuk wakalah or perpetual sukuk wakalah.
Proceeds from the sukuk will be channelled to Shariah-compliant purposes, including to:
- finance investments, acquisitions, capital expenditure, working capital requirements, repayment of inter-company borrowings,
- go to general corporate purposes
- refinance existing debt obligations
RAM Rating Services has given the senior sukuk wakalah an initial rating of AA2 and the perpetual sukuk wakalah A1, according to Dialog. It said both ratings carry a stable outlook.
AmInvestment Bank Berhad and CIMB Investment Bank Berhad are the Joint Principal Advisers, the Joint Lead Arrangers and the Joint Lead Managers. AmBank Islamic Berhad and CIMB Islamic Bank Berhad are the Joint Shariah Advisers for the sukuk programme.
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