KUALA LUMPUR: Keyfield International Bhd has completed its first issuance of RM200 million in nominal value of its Islamic medium term notes (sukuk wakalah).
Under the sukuk wakalah programme of up to RM1 billion in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar, it has been assigned a long-term rating of AA3 with a stable outlook by RAM Ratings.
It was lodged with the Securities Commission on Oct 23 with a tenure of 30 years.
Keyfield intends to use proceeds from the first issuance to expand its fleet of vessels.
Additionally, it will finance other Shariah-compliant purposes. This includes investments and general corporate purposes, capital expenditure and working capital requirements for oil and gas and non-oil and gas offshore works, and to support other maritime-related services.
Maybank Investment Bank Bhd us the principal adviser, lead arranger and lead manager for the programme, while Maybank Islamic Bhd acts as the Shariah adviser.
Keyfield group chief executive officer and executive director Datuk Darren Kee said a periodic distribution rate achieved below 5.0 per cent per annum underscores the market's trust in the company's business fundamentals and growth prospects.
"The proceeds will enable us to further expand our business and enhance shareholder returns.
At the same time, we are cognisant of the responsibility we shoulder to our sukuk holders, which we will diligently carry out," he added.
Keyfield shares closed four sen or 1.9 per cent higher at RM2.15 for a market capitalisation of RM1.7 billion.