KUALA LUMPUR (Dec 30): Oil and gas contractor Uzma Bhd is planning to raise up to RM300 million via a Perpetual Sukuk Musharakah Programme which it is setting up to raise proceeds for working capital, capital expenditure and to refinance its existing borrowings.

The group said it has today lodged with the Securities Commission Malaysia, all required information and documents relating to the setting up of the programme.

“The Perpetual Sukuk Musharakah Programme allows for the issuance of unrated perpetual Islamic notes (Perpetual Sukuk Musharakah) from time to time, with flexibility for the company to issue secured and/or unsecured Perpetual Sukuk Musharakah subject to the aggregate outstanding nominal amount of the Perpetual Sukuk Musharakah not exceeding RM300 million at any point in time,” said Uzma in a stock exchange filing.

Proceeds raised from the programme will also be used for general corporate purposes, to defray costs in relation to the issuance of the sukuk, and for prefunding of the reserve account for the applicable tranche, which amount in aggregate shall be equivalent to an expected periodic distribution amount.

RHB Investment Bank Bhd is the principal adviser and lead arranger and manager for the perpetual sukuk musharakah programme.

Shares of Uzma settled half a sen or 0.88% higher at 57.5 sen today, with some 2.8 million shares done. This gave the group a market capitalisation of RM184.02 million.