By Chester Tay
Petronas Gas Bhd. 65%-owned subsidiary Pengerang LNG (Two) Sdn. Bhd. issuance of a 1.7 billion ringgit ($410 million) 20-year sukuk, or Islamic bond, is oversubscribed by three times.
The oversubscription reflects the market's confidence in the strength of the company's credit, which has been assigned a rating of AAA by the Malaysian Rating Corp. Bhd., the gas infrastructure and centralized utilities company said Friday.
Pengerang LNG's other shareholders include Dialog LNG Sdn. Bhd., with a 25% stake, and Permodalan Darul Ta'zim Sdn. Bhd., with a 10% stake.
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(END) Dow Jones Newswires