UMW Oil & Gas shares rise 3.03% on news of US$550m syndicated facilities

PETALING JAYA: UMW Oil & Gas Corp Bhd’s (UMW OG) share price rose 3.03% this morning after announcing that it would take on syndicated facilities of US$550 million (RM2.3 billion).
At 10.39am, its share price was 3.03% or 1 sen higher at 34 sen with a total of 15.58 million shares traded.
UMW OG, through wholly owned subsidiaries Sumber Ribu Sdn Bhd and Sumber Wang (L) Ltd, has entered into a common terms agreement for syndicated facilities of US$550 million (RM2.3 billion).
Sumber Ribu has entered into a US dollar (USD) commodity murabahah revolving credit facility-i of US$110 million and a ringgit (RM) commodity murabahah revolving credit facility-i of RM110 million, with an option to upsize the RM Islamic revolving facility by RM90 million.
UMW OG also entered into a USD Islamic trade facility of US$47 million and, to the extent any financier is unable to participate in the USD Islamic trade facility, a USD conventional trade facility, and a RM Islamic trade facility of RM15 million and, to the extent any financier is unable to participate in the RM Islamic trade facility, an RM conventional trade facility.
The tenure of the revolving facilities is up to 10 years, comprising an initial firm period of three years and annual renewal thereafter.
Meanwhile, Sumber Wang (L) Ltd entered into a five-year USD commodity murabahah term financing facility-i of US$145 million and a 10-year USD commodity murabahah term financing facility-i of US$220 million.