SMJ Sdn Bhd (SMJSB), a wholly-owned subsidiary of the Sabah Government through the Chief Minister Incorporated of Sabah, successfully priced its inaugural RM900 million Islamic medium-term notes (Sukuk Wakalah) on Oct 16.
It was issued out of its AAA-rated Multi-Currency Sukuk Wakalah Programme of up to RM10 billion in nominal value.
The overwhelming demand delivered an intraday price tightening of 20 basis points and reflects the market’s confidence in SMJSB’s financial strength, business prospects and corporate governance and the Sabah Government’s strong support for the company. “There are a lot more untapped oil and gas resources in Sabah and the State Government, with SMJSB’s assistance, will achieve greater revenue sharing, greater say and greater participation in the oil and gas development in the State.”
“Now, I am happy to report that this first issuance of RM900 million is 3.9 times oversubscribed with a total book of RM3.5 billion, demonstrating the strong interest and confidence in Sabah and SMJSB in undertaking the oil and gas activities for the best interest of the State,” she added.
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