Tenaga Nasional Bhd issued RM4 billion worth of sustainability sukuk wakalah on May 29, 2026, marking the first issuance under its sukuk wakalah programme launched in April 2026 [1, 2]. The sukuk issuance consists of five tranches with tenures ranging from 7 to 25 years and annual distribution rates between 3.81% and 4.37% [1, 2]. The tranche breakdown is RM450 million for 7 years, RM300 million for 10 years, RM850 million for 15 years, RM1.05 billion for 20 years, and RM1.35 billion for 25 years [2].
The programme, established in April 2026 with a total capacity of RM10 billion, allows Tenaga Nasional to issue conventional, sustainability, and sustainability-linked sukuk [1]. Maybank Investment Bank and CIMB Investment Bank acted as joint principal advisers, joint lead arrangers, and joint lead managers for both the sukuk wakalah programme and the RM4 billion issuance [1, 2].
The new sukuk will increase Tenaga Nasional’s consolidated borrowings by RM4 billion but is not expected to materially impact the company's earnings [1]. As of March 31, 2026, Tenaga Nasional held cash and cash equivalents of RM15.96 billion with total borrowings of RM60.51 billion and a net gearing ratio of 84.8% [1].
On the day of the issuance, Tenaga Nasional shares closed at RM14.28, up 0.3%, valuing the firm at RM83.24 billion. Over the past year, its share price rose 43.5% [1].
