Sabah Energy Corporation Sdn. Bhd. (SEC), Sabah’s state-owned integrated energy company established to spearhead the development of Sabah’s energy resources, has successfully completed its maiden sukuk issuance of MYR 350.0 million ($85.4 million) under its MYR 3.0 billion ($732 million) Sukuk Wakalah Programme. SEC’s inaugural entry into Malaysia’s sukuk capital markets represents an important milestone for the company. Assigned a long-term AAA rating with a stable outlook by RAM Rating Services Berhad, the sukuk was also successfully priced through a book-building exercise, a first for a Sabah state government-linked company, and over-subscribed by a commendable 2.2 times, notwithstanding the market volatility amidst escalating geopolitical tensions. Maybank Investment Bank Berhad acted as the Sole Principal Adviser, Sole Lead Arranger, Sole Lead Manager, Sole Sustainability Structuring Adviser, Shariah Adviser and Facility Agent for the transaction. Datuk Ir. Adzmir Abd Rahman (P.Tech), Group Chief Executive Officer of SEC said, “This inaugural issuance marks the establishment of our first Sukuk Wakalah Programme, which provides SEC with a scalable and flexible funding platform to support SEC’s PETA 2030 agenda in strengthening our gas and infrastructure core, expanding power generation and renewable energy, and enabling disciplined investments across Sabah’s energy value chain. In turn, this supports the broader outcomes envisaged under SERAMP 2040: stronger energy security, a faster energy transition and more reliable supply for Sabah.” Michael Oh-Lau, Chief Executive Officer of Maybank Investment Banking Group said, “This landmark issuance broadens and diversifies SEC's access to long-term Ringgit funding while raising the profile of both SEC and Sabah among domestic and international institutional investors. The strong over-subscription reflects investors' confidence in SEC's credit strength and growth trajectory. We are proud to support Sabah’s infrastructure development and the state’s position within ASEAN’s energy ecosystem.” Maybank's role in this landmark transaction builds on its track record and accolades as Best Bank for Large Corporates in ASEAN and Malaysia, Best Investment Bank for Debt Capital Markets and Best Bank in Malaysia at the Euromoney Awards for Excellence 2026. Year-to-date, Maybank is ranked number one on all the Bloomberg lead managers’ league tables for Ringgit issuances in the debt and Sukuk capital markets. Following the corporatisation in 1997 under the Sabah Energy Corporation (Successor Company) framework, SEC has evolved from a focused gas utility operator into a diversified and vertically integrated energy group. Today, it plays a central role in Sabah's energy ecosystem as the state's sole natural gas aggregator, transporter and distributor, with interests spanning natural gas infrastructure, power generation, renewable energy, and offshore oil and gas support services. Re-disseminated by The Asian Banker
