Announcements


Date : 26 February 2021

OTHERS SAPURA ENERGY BERHAD - MAYBANK ISLAMIC WORKING CAPITAL FACILITY OF RM700 MILLION

SAPURA ENERGY BERHAD

Type Announcement
Subject OTHERS
Description
SAPURA ENERGY BERHAD - MAYBANK ISLAMIC WORKING CAPITAL FACILITY OF RM700 MILLION

1.  INTRODUCTION

 

The Board of Sapura Energy Berhad (“SEB”) is pleased to announce that its wholly-owned subsidiary, Sapura TMC Sdn Bhd, has on 26 February 2021 signed an agreement for its additional working capital facilities of up to RM700 million with Maybank Islamic Berhad  (“Maybank Islamic Facility”).

 

With the acceptance of the Maybank Islamic Facility, the total facilities available for working capital purposes is now approximately RM1.2 billion being the combined value with the existing Multi-Option line under Trade Financing of up to USD135 million secured from CIMB Bank Berhad (“CIMB Facility”) in November 2019, through its wholly-owned subsidiary, Sapura Fabrication Sdn Bhd.

 

2.  DETAILS OF MAYBANK ISLAMIC FACILITY

 

The Maybank Islamic Facility consists of murabahah revolving and invoice financing facilities with a tenure of up to 5 years.  

 

3.  RATIONALE FOR THE MAYBANK ISLAMIC FACILITY

 

The Maybank Islamic Facility will be used for working capital purposes to execute existing and future projects globally.

 

4.  CONDITIONS, COVENANTS OR RESTRICTIONS RELATING TO THE SHAREHOLDINGS OF THE MAJOR SHAREHOLDERS

 

Not applicable.

 

5.  EFFECT OF THE MAYBANK ISLAMIC FACILITY

 

The Maybank Islamic Facility does not have any effect on the issued capital and substantial shareholders’ shareholdings of SEB. There will be no material effect on the earnings per share, net assets per share and gearing of SEB group of companies for the financial year ending 31 January 2022.

 

6.  INTEREST OF DIRECTORS AND/OR MAJOR SHAREHOLDERS AND PERSONS CONNECTED WITH THEM

 

Save for Dato' Azmi Bin Mohd Ali, a Director of Maybank Islamic Berhad, who abstained from deliberation and voting in the Maybank Islamic Facility, none of SEB’s Directors, major shareholders and/or persons connected to them has any interest, direct or indirect, in the Maybank Islamic Facility.

 

7.  DIRECTORS’ STATEMENT

 

SEB’s Board of Directors is of the opinion that the Maybank Islamic Facility is in the best interest of SEB group of companies.

 

The press release titled "Sapura Energy signs RM700 million Working Capital Facilities" is attached.

 

 

This announcement is dated 26 February 2021.




Please refer attachment below.



Announcement Info

Company Name SAPURA ENERGY BERHAD
Stock Name SAPNRG
Date Announced 26 Feb 2021
Category General Announcement for PLC
Reference Number GA1-24092020-00026



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