KUALA LUMPUR (July 18): Samaiden Group Bhd (KL:SAMAIDEN) is planning to raise up to RM1.5 billion via two separate sukuk programmes to fund the company’s capital expenditures, working capital, general corporate purposes, project investments, asset acquisitions as well as refinance its existing and future debts.

In a filing, the renewable energy (RE) producer said that it has lodged the required information and documents in relation to the two sukuk wakalah programmes — a multi-currency Islamic medium-term notes (IMTN) programme and multi-currency Islamic commercial papers (ICP) programme, which will have a combined limit of up to RM1.5 billion in nominal value — with the Securities Commission Malaysia (SC).

The IMTN programme will have a tenure of 30 years, while the ICP programme will run for seven years, from their respective first issuance dates. 

“The programmes provide us with the financial flexibility needed to support our upcoming projects and align with our commitment to sustainability and Shariah principles,” said Samaiden group managing director Chow Pui Hee, who is also the single largest shareholder holding 31.36%.

RAM Sustainability Sdn Bhd has assigned a gold sustainable finance rating to the sukuk programmes.

The company has a cash-rich balance sheet. Its total borrowing stood at RM3.96 million plus lease liabilities of RM2.5 million as at March 31, while its cash balance amounted to RM16.89 million plus short term investments of RM83.98 million. 

Hong Leong Investment Bank Bhd is the principal adviser, lead arranger, lead manager as well as the facility agent for the sukuk programmes.

Shares of Samaiden settled up one sen or 0.81% to RM1.24 on Thursday, valuing the company at RM518.97 million. Year to date, the stock has climbed 7.8%.