SapuraKencana Petroleum Berhad ("SKPB") through its wholly owned subsidiary, SapuraKencana TMC Sdn Bhd ("SKTMC"), today signed a USD2.3 billion equivalent Islamic Facility Agreement, to convert a portion of its existing conventional Multi-Currency Facility (“MCF”) borrowings into a facility based on the Shariah principle of Murabahah with 11 local, regional and international banks.
The transaction represents the largest Islamic Facility in Malaysia to date, according to a major bank involved in the deal.
With the completion of this transaction, SKPB is now on track to return to the Securities Commission's List of Shariah Compliant Securities by meeting the debt over total assets financial ratio benchmark.
Tan Sri Dato’ Seri Shahril Shamsuddin, the President and Group Chief Executive Officer said, “This is testament to SKPB's commitment to support Malaysia’s ongoing initiatives and efforts in positioning itself as an international Islamic financial centre,”
“We have been working very closely with our group of MCF lenders, and we are grateful for the strong commitment and continued support from the lenders which have allowed us to accomplish another significant milestone”, he added.