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Bonds News

UPDATE 1-Malaysia's Petronas Gas says $410 mln sukuk issue oversubscribed by 3 times

(Updates with details)

KUALA LUMPUR, Oct 23 (Reuters) - Malaysia’s Petronas Gas said on Friday its subsidiary Pengerang LNG (Two) Sdn Bhd had concluded a 1.7 billion ringgit ($410.23 million issue of a 20-year multi-tranche Sukuk Murabahah that was oversubscribed by three times.

Petronas Gas, a unit of state owned Petronas Group, said Pengerang LNG (Two) will primarily use the proceeds to repay its outstanding shareholders’ loans in full.

Hence, there will be no change in Petronas Gas Berhad (PGB) groups’ consolidated borrowings, the firm said in a statement.

It will also have no impact on the group’s earnings, earnings per share and net assets per share for the current financial year, it said.

“The issuance is in line with continued efforts in driving efficient capital management across PGB Group,” said PGB Managing Director and Chief Executive Officer Kamal Bahrin Ahmad. ($1=4.1440 ringgit) (Reporting by Mei Mei Chu; Editing by Christian Schmollinger and Muralikumar Anantharaman)

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