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.

Write to Chester Tay at chester.tay@wsj.com

(END) Dow Jones Newswires

10-22-20 2325ET