Kuala Lumpur: Malaysia-based international offshore oilfield services provider, Bumi Armada, announced that it, together with its wholly owned subsidiary, Bumi Armada Capital Malaysia (BACM) have entered into documentation for the establishment of an unrated Sukuk issuance programme of up to RM1.5bn in nominal value, under the Shariah principle of Murabahah, via a Tawarruq arrangement.

BACM intends to use the proceeds raised from the Sukuk Programme for Shariah compliant purposes to finance the capital expenditure, working capital, general funding and financing requirements and general corporate purposes of Bumi Armada and its subsidiaries from time to time.

Commenting on the establishment of the Sukuk programme, Hassan Basma, executive director and ceo of Bumi Armada said, "The signing of the documentation of this Sukuk programme is yet another step to ensure that the Group is well-financed and ready to benefit from the various opportunities that arise in the attractive oil & gas industry."  [13/06/14]