KUALA LUMPUR (Oct 23): Keyfield International Bhd (KL:KEYFIELD) said it has filed for a sukuk wakalah programme of up to RM1 billion with the Securities Commission Malaysia (SC) to raise funds for investments, capital expenditure and working capital requirements.

"Keyfield intends to utilise the proceeds for oil and gas and non-oil and gas offshore works, and/or to support other maritime-related services," the offshore support and accommodation vessels group said in a statement on Wednesday.

Keyfield noted that the sukuk programme has been assigned a long-term rating of AA3 with a stable outlook by RAM Rating Services Bhd.

The programme has a tenure of 30 years, with each sukuk having a tenure of one year and above.

Keyfield chief executive officer Datuk Darren Kee Chit Huei said the sukuk programme enables the group to access the debt capital market at competitive rates.

“The AA3 rating underscores our strong creditworthiness while upholding our conservative financial profile, which we consider essential for managing our group’s operations,” he said.

“We remain committed to prudently and carefully managing our business capital structure, ensuring we deliver lasting value to our stakeholders,” he added.

Maybank Investment Bank Bhd is the principal adviser, lead arranger and lead manager for the programme, while Maybank Islamic Bhd serves as the shariah adviser.

As of the end of June, Keyfield had lease liabilities of RM33.06 million, and cash and equivalents of RM91.46 million.

Shares in Keyfield closed two sen or 0.9% higher at RM2.21, valuing the group at RM1.78 billion. The stock is up 145% since its debut on Bursa Malaysia on April 3.