Pengerang LNG secures $409 million financing
A subsidiary of the Malaysian energy giant Petronas, Pengerang LNG, has secured 1.7 billion Malaysian Ringgit ($409.2 million) in investment.
The company said it has concluded the issuance under its Islamic Medium Term Note Programme of a 20-year multi-tranche Sukuk Murabahah.
The proceeds will be used for Shariah-compliant purposes by PLNG2, mainly to repay the loans of its outstanding USD shareholders in full, so that there will be no improvement in the combined borrowings of the firm.
“The issuance is in line with continued efforts in driving efficient capital management across Petronas Group”, said Kamal Bahrin, Chairman of PLNG2.
The issuance will have no effect on the company's issued and paid-up capital and/or the large shareholding of the shareholders in Petronas, the company said. Nor will it impact the issued and paid-up share capital of Petronas and/or the large shareholding of the company's shareholders.
Maritime Business World