KUCHING, August 17: Sarawak Energy held a townhall session in Kuala Lumpur recently to update its current and potential investors on its projects and growth prospects.
Over 100 representatives from foreign and local financial institutions, including from pension funds, asset management companies, banks and insurance firms, who have invested or are considering investing in its Sukuk Musyarakah Programme were at the event.
Its group chief executive officer, Sharbini Suhaili, gave a comprehensive presentation that included the power utility’s financial standing and performance over the last 10 years.
As part of its commitment to transparency and good practice, Sarawak Energy organises such sessions regularly to update its key stakeholders. The latest session is the first since acquiring Sarawak Hidro Sdn Bhd, which owns the 2,400MW Bakun hydroelectric plant, last August.
On the RAM Ratings, Sharbini told those present that “RAM Ratings have reaffirmed an AA1 credit rating for Sarawak Energy’s Sukuk Musyarakah Programme and have revised our long-term rating outlook from stable for 2011 to 2017 to positive”. He attributed the good rating to strong growth in electricity sales and the cost savings from acquiring Sarawak Hidro.
“This is especially important for Sarawak Energy in playing our role to serve our customers throughout the state with affordable, reliable and renewable energy as well as to power Sarawak Corridor of Renewable Energy (SCORE),” he said.
The townhall gathering also gave Sarawak Energy’s senior management to participate in the question-and-answer session. Assisting Sharbini to field questions were Sarawak Energy Power chief financial officer Alexander Chin and chief executive officer James Ung, Sesco chief executive officer Lau Kim Swee and executive vice-president (Strategy and Corporate Development) Ting Ching Zung. — DayakDaily