KOTA KINABALU: SMJ Energy Sdn Bhd (SMJE) announced that RAM Ratings has
affirmed SMJE AAA/Stable Rating of its Multi-Currency Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM10.0 billion.
In its Rating report, RAM noted that the Rating is supported by SMJE’s highly strategic role to Sabah, continued strong state government support, and strong cash flow generation.
It further noted that SMJE has a robust mandate to oversee the development of the state’s oil and gas resources, obtain a greater share of revenues for the Sabah state government, and help Sabah achieve energy security.
SMJE’s growing involvement in the Sabah oil and gas sector is also expected to help attract foreign direct investments, including ESteel’s US$2 billion steel project at Sabah Oil & Gas Industrial Park and Kibing’s RM7 billion expansion of solar glass manufacturing at Kimanis.
SMJE board is chaired by Datuk Seri Masidi Manjun, with prominent board members including Datuk Mohamad Sofian Nair (Sabah MOF Permanent Secretary), Datuk Brenndon Soh (Sabah State Attorney General), Datuk Sauu Kakok (renowned oil and gas veteran) and Mohamad Damshal Awang Damit (prominent figure in investment management). Dr Dionysia Kibat is the CEO and Datuk Seri Lim Haw Kuang acts as the Special Adviser to SMJE and Technical Adviser to the State Government.
SMJE recorded RM259 million profit after tax for the Financial Year 2023 and declared RM50 million dividend to the State Government last year.