PETALING JAYA: Malakoff Power Bhd, a wholly owned subsidiary of Malakoff Corporation Bhd, has issued a RM450 million SRI Sukuk Murabahah under its RM1.2 billion Islamic Medium-Term Notes Programme (IMTN programme).
Maybank Investment Bank Bhd acted as the sole lead manager, facility agent and sustainability structuring adviser, while Maybank Islamic Bhd served as the syariah adviser.
The issuance marks Asean’s first SRI Sukuk Murabahah dedicated to transition projects, signalling a major evolution in the region’s sustainable finance landscape.
By mobilising capital specifically for the energy transition journey, Malakoff, which is Malaysia’s largest independent power producer, is reinforcing its proactive role in supporting Malaysia’s shift towards a lower-carbon economy.
Proceeds from the issuance will be utilised to finance eligible green and transitional projects in line with Malakoff’s Sustainable Finance Framework. Notably, this includes a project that is aligned to the Amber Tier 2 lifecycle greenhouse gas emissions thresholds under the Asean Taxonomy for Sustainable Finance (Version 2), providing high-level credibility of the transaction’s transition credentials.
The initiative underpins Malakoff’s strategic transformation towards a cleaner energy portfolio. This alignment with the National Energy Transition Roadmap ensures the group, continues to undergo a planned and orderly transition while maintaining national energy security and the goal of achieving net-zero emissions by 2050.
The issuance attracted over-whelming demand, with the order book peaking at close to five times and achieving final oversubscription of 4.5 times, despite the prevailing volatile market environment. This robust interest allowed Malakoff Power to set a new pricing benchmark, with final pricing notably lower than its 2025 issuance.
Group CEO Syahrunizam Samsudin said: “This issuance is a clear reflection of Malakoff’s future-ready trajectory. We are strengthening our portfolio to ensure we generate and deliver reliable power while pro-gressively scaling our lower-carbon energy platform. Our approach is deliberate; we are expanding renewable capacity through solar and hydropower, while utilising high-efficiency gas as a critical transition fuel.
“This sukuk allows us to channel capital directly into practical, investable and are aligned with the nation’s energy demand. The successful subscription reflects the market’s confidence in our execution discipline and long-term value creation”.
Maybank Investment Bank CEO Michael Oh-Lau said the transaction, as Asean’s first SRI Sukuk Murabahah for green and transition projects, marks an important step in broadening the region’s sustainable finance landscape while supporting Malaysia’s energy transition and long-term energy security.
“The strong investor response reflects market confidence in Malakoff’s transition strategy and the growing appetite for credible green and transition financing opportunities.
