Sapura Energy Berhad has proposed to upsize its multi-currency sukuk programme to RM10bil in nominal value from the initial RM7bil and will continue to be guaranteed by the company and the identified material subsidiaries within the SEB group.

In a filing with Bursa Malaysia, it said the proposal was part of the group’s long-term capital management programme whereby the upsized limit would provide additional headroom for lenders to participate in the multi-currency sukuk programme as an alternative funding platform for the group, moving forward.

Any proceeds raised from the issuances may be used to refinance Sapura TMC Sdn Bhd’s existing multi-currency conventional facilities obtained in March 2021 or to fund the group’s capital expenditure, expansion and working capital requirements.