KUALA LUMPUR: Malaysia’s state energy firm Petronas said on Friday it had set up a $350 million venture capital arm for industrial and energy investments.
The newly launched Petronas Corporate Venture Capital will look to invest in startups in advanced materials, specialty chemicals as well as those involved in the future of energy, Petronas said in a statement.
“The fund will act as a minority stakeholder in early to growth-stage companies,” Petronas said, adding that it will look for investments in North America, Europe and Asia Pacific.
As the sole manager of Malaysia’s oil and gas reserves, Petronas is a significant contributor to government revenue and the country’s largest employer.
It has been looking to diversify amid volatility in oil markets. This year, Petronas acquired a Singapore-based solar energy company as part of a strategy to move into renewable energy and chase high-growth businesses to complement its mainstay operations.
Last week, Malaysian Prime Minister Mahathir Mohamad said the government was considering listing the exploration and production arm of Petronas as part of efforts to raise money to reduce debt.
Malaysia’s Petronas sets up $350 million venture capital fund
Malaysia’s Petronas sets up $350 million venture capital fund
- The newly launched Petronas Corporate Venture Capital will look to invest in startups in advanced materials, specialty chemicals
- Petronas is a significant contributor to government revenue and the country’s largest employer
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
