KUCHING: Perdana Petroleum Bhd (PPB) and its subsidiaries have been discharged from the purview of the Corporate Debt Restructuring Committee (CDRC) of Bank Negara following the completion of the company’s debt restructuring exercise.
The CDRC notified Perdana Petroleum of the discharge on December 16, 2019, Perdana Petroleum said in a filing with Bursa Malaysia.
To recall, Perdana Petroleum obtained CDRC’s approval on July 2, 2018 to assist to mediate between the company and some of its subsidiaries and their respective financiers to renegotiate their respective financing facilities that could be sustained in the face of the challenging period for the oil and gas industry.
Under the debt restructuring exercise,Perdana Petroleum undertook rennounceable rights issue of of up to some 1.557 billion redeemable convertible preference shares (RCPS) on the basis of two RCPS for every one existing ordinary share at an issue price of 32.5sen recently.
The fund raising exercise could raise up to RM506 million. Perdana Petroleum’s single largest shareholder Dayang Enterprise Holding Bhd,which owns 60.48 percent stake in the company, subscribed for RM455 million worth of the RCPS.
The proceeds from Dayang’s RCPS subscription are used to partially set off the total amount of RM645.7 million Dayang has advanced to Perdana Petroleum,which owns and operates a fleet of 16 offshore supply vessels.
Meanwhile, Alam Maritim Resources Bhd said its whollyowned subsidiary Alam Maritim (M) Sdn Bhd has been awarded with a work order for the provision of anchor handling tug (AHTS) vessel for Petronas Carigali Sdn Bhd.
The company charters vessel Taha Assafa for 125 days (commencing Oct 3,2019) with extension of up to 30 days.
The total work order value is about RM6.59 million, Alam Maritim told Bursa Malaysia.
“The risk factors associated with the contract include execution and operational risk such as availability of vessel, skilled manpower, equipment and materials in compliance with the terms of the contract, unexpected mechanical breakdown, changes in politicial, economic and regulatory conditions.
“Throughout the years, Alam has established its track record and expertise to undertake the contract. In mitigating the risks, Alam will closely monitor all planned activities as per the project schedule and Alam adheres to the quality, health, safety, security and environment — integrated management system in ensuring to continually deliver reasonable quality services,” added the company.
In another development, Aeon Credit Service (M) Bhd has lodged with the Securities Commission Malaysia on its proposed establishment of a Sukuk Wakalah Programme of RM2 billion in nominal value for the issuance of Senior Sukuk and/or Subordinated Sukuk.
“The Senior Sukuk under the Programme has been accorded a rating of AA3 (stable) by RAM Rating Services Bhd (RAM) whilst the Subordinated Sukuk is rated A1 (stable) by RAM,” Aeon Credit told Bursa Malaysia.
The company said the net proceeds raised from the Sukuk Programme are intended to be utilised to fund disbursements to customers in its ordinary course of business of providing consumer financing based on Shariah principles, and refinancing of any existing loans/financing/sukuk of the issuer.
CIMB Investment Bank Bhd and Hong Leong Investment Bank Bhd are the joint principal advisers and joint lead arrangers for the Sukuk Programme while CIMB Investment Bank Bhd, Hong Leong Investment Bank Bhd and MUFG Bank (Malaysia) Bhd are the joint lead managers for the Sukuk Programme.
