Petronas Gas unit gets regulators’ nod for sukuk issue
KUALA LUMPUR, July 13 — Kimanis Power Sdn Bhd, 60 per cent-owned by Malaysia’s Petronas Gas Bhd, has obtained regulatory approval to issue up to RM1.16 billion worth of Islamic bonds to fund its 285 megawatt Kimanis power plant project.
The parent company, the natural gas arm of state-owned oil and gas group Petronas, said today the fund raising would come in the form of a 16-year sukuk programme, which has been rated AA- by the Malaysian Rating Corporation Bhd.
Shares of Petronas Gas closed 0.78 per cent lower at RM17.86 ringgit per share today, underperforming the broader index’s 0.05 per cent rise. — Reuters