Sabah Energy Corporation Sdn Bhd (SEC) has completed its maiden RM350 million sukuk issuance under a RM3 billion Sukuk Wakalah Programme, marking its first entry into Malaysia’s sukuk capital market.
The Sabah state-owned integrated energy company said the sukuk was assigned a long-term AAA rating with a stable outlook by RAM Rating Services Bhd. The issuance was priced through a book-building exercise, the first for a Sabah state government-linked company, and was oversubscribed by 2.2 times despite volatile market conditions.
Maybank Investment Bank Bhd acted as sole principal advisor, sole lead arranger, sole lead manager, sole sustainability structuring adviser, Shariah advisor and facility agent for the transaction.
SEC Group Chief Executive Officer Datuk Ir Adzmir Abd Rahman said the programme gives the company a scalable and flexible funding platform to support its PETA 2030 agenda.
He said the funding would support efforts to strengthen SEC’s gas and infrastructure businesses, expand power generation and renewable energy, and pursue investments across Sabah’s energy value chain.
The programme also supports the broader SERAMP 2040 objectives of strengthening energy security, accelerating the energy transition and improving supply reliability in Sabah.
SEC has evolved from a gas utility operator into a diversified energy group with interests in natural gas infrastructure, power generation, renewable energy and offshore oil and gas support services. It is also Sabah’s sole natural gas aggregator, transporter and distributor.
