(MENAFN - Khaleej Times) The Abu Dhabi National Energy Company, known as Taqa, on Sunday announced that it has successfully completed a 650 million Malaysian ringgit, or MYR, sukuk (215 million) issuance, as part of its MYR3.5 billion sukuk programme established in November 2011.
The issue saw strong interest from a well-diversified group of top Malaysian asset management companies and quality Islamic investors. Against an overwhelming demand, Taqa priced an additional MYR150 million and accordingly upsized the issue to MYR650 million.
"This successful transaction opens up a new market and debt structure for Taqa. The significant demand, attractive pricing and speed of turnaround from the Malaysian market, enhances our future financing flexibility and underlines the confidence of global markets in our business," Taqa chief financial officer Stephen Kersley said.
The 10-year sukuk has been raised with a profit rate of 4.65 per cent with a full-swapped rate to US dollars of 5.3 per cent. Taqa is the first non-financial institution in Mena to complete a ringgit sukuk issuance. Standard Chartered Saadiq Berhad acted the lead arranger.