Malakoff Corp Bhd’s wholly-owned subsidiary Tanjung Bin Energy Sdn Bhd (TBE) has proposed to issue RM4.5 billion worth of Islamic bonds or sukuk, the proceeds of which will be used to repay money owed by TBE to its 100%-owned turnkey contractor Tanjung Bin Energy Issuer Bhd (TBE Issuer), according to RAM Ratings.