Annual Report
2015
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DAYANG ENTERPRISE HOLDINGS BHD
(712243-U)
143
40. Subsequent events (cont’d)
(b) On 11 March 2016, United Overseas Bank (Malaysia) Bhd (“UOB”) as the Principal Adviser/Lead
Arranger/Lead Manager for the Proposed Sukuk Issue, on behalf of PPB, a subsidiary of the Group,
had made the lodgement in respect of the Proposed Sukuk Issue with the Securities Commission
Malaysia.
The first issuance under the Proposed Sukuk Issue will be guaranteed by Danajamin Nasional Berhad
pursuant to an Al-Kafalah Facility. The tenure of the Sukuk Murabahah Programme shall be twelve
(12) years from the date of the first issue of the Sukuk Murabahah.
The proceeds of the first issuance of the Sukuk Murabahah shall be utilised for the following Shariah-
compliant purposes:
(i)
first, an amount of up to RM630 million to be utilised for refinancing of outstanding borrowings
undertaken by the subsidiary for purchase of the certain charged vessels;
(ii) second, an amount of up to RM20 million to defray any fees and expenses for the Proposed
Sukuk Issue and the Al-Kafalah Facility and to prefund the finance service reserve account to
be opened and maintained under the Al-Kafalah Facility; and
(iii) third, any unutilised balance after meeting purposes in items (i) and (ii) above can be utilised
for the Company’s working capital requirements subject to a maximum amount of RM40
million.
The proceeds of subsequent issuances of the Sukuk Murabahah shall be utilised for PPB’s
working capital requirements (including refinancing) which includes advances to the Issuer’s
subsidiaries via Shariah-compliant mode and general corporate purposes which shall be
Shariah-compliant.
Notes to the
Financial Statements
(cont’d)
