TNB Bhd announced that TNB Power Generation Sdn. Bhd. a wholly-owned subsidiary of TNB had on 5 April 2022 has lodged an RM10 billion in the Sukuk Wakalah Programme with the Securities Commission Malaysia.
On behalf of TNB, Maybank Investment Bank (IB) Bhd said the Sukuk Wakalah had been issued.
The Sukuk Wakalah Programme shall have a tenure of 30 years from the date of the first issue of Sukuk Wakalah under the Sukuk Wakalah Programme which shall be made within 90 business days from the date of the lodgment with the SC (or such other extended dates approved by the SC).
The tenure of each Sukuk Wakalah to be issued under the Sukuk Wakalah Programme shall be between 1 year and up to 30 years, provided that no Sukuk Wakalah shall mature after the expiry of the Sukuk Wakalah Programme.
The utilsation of the proceeds from the issuance of the Sukuk Wakalah under the Sukuk Wakalah Programme (other than the Sustainability Sukuk Wakalah) shall be utilised by the Issuer to finance Shariah-compliant capital expenditure, investment, general corporate purposes, working capital requirements and/or refinance any existing conventional borrowing and/or existing/future Islamic financing facilities of the Issuer and/or its subsidiaries and/or to defray any fees and expenses of the Sukuk Wakalah Programme.
It said that the rationale for the Sukuk Wakalah Programme will provide TPGSB with the flexibility to time its fund-raising exercises with varying nominal value and tenures for optimal asset-liability matching. TPGSB will also be able to access to diversified pool of investors in local capital markets.