RAM Sustainability concludes second party opinion on Samaiden’s Sustainability Sukuk Framework

Published on 18 Jul 2024.

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RAM Sustainability has completed the external review of Samaiden Group Berhad’s (Samaiden) Sustainability Sukuk Framework (the Framework) and accorded a Gold Sustainable Finance Rating. Our opinion of the Framework concludes that it is aligned to the Securities Commission Malaysia’s Sustainable and Responsible Investment Sukuk Framework, ASEAN Capital Market Forum’s ASEAN Green Bond Standards, ASEAN Social Bond Standards and ASEAN Sustainability Bond Standards as well as the International Capital Market Association’s Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines (together, the relevant guidelines).

Samaiden is  involved in the renewable energy industry through its subsidiaries and primarily provides engineering, procurement, construction, and commissioning (EPCC) of renewable energy facilities, along with investments in renewable energy assets. Samaiden plans to issue sustainability sukuk of up to RM1.0 billion in nominal value or its equivalent in other currencies under its Proposed 30-year Islamic Medium-Term Notes Programme, in addition to its Proposed 7- year Islamic Commercial Paper Programme of up to RM500.0 million. The issuance proceeds will be utilised for a broad range of eligible projects, with renewable energy making up an estimated 85% of the allocation of proceeds in the first issuance.

We have assigned Environmental Benefit (EB) and Social Benefit (SB) ratings to the eligible projects under the Framework, which reflect their potential contribution towards climate and wider environmental benefits, or measurable social improvement and impact (Table 1).

 

Analytical contacts
Joel Thum
(603) 3385 2517
joel@ram.com.my

Amirah Jamil
(603) 3385 2551
amirah@ram.com.my

Media contact
Sakinah Arifin
(603) 3385 2500
sakinah@ram.com.my

 

This external review or second opinion is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for an investor, nor does it involve any audit by RAM Sustainability.

About RAM Sustainability

RAM Sustainability Sdn Bhd (RAM Sustainability) is a provider of sustainability services and ESG analytics. Incorporated on 31 May 2000, RAM Sustainability is a wholly owned subsidiary of RAM Holdings Berhad (RAM Group). RAM Sustainability is the first ASEAN-based provider of ESG ratings and second opinions and has the distinction of being the first Registered Observer of ICMA’s Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and Sustainability-Linked Bond Principles in ASEAN. It was a member of ICMA’s Advisory Council to the Green Bond Principle and Social Bond Principle Executive Committee for three consecutive terms. On 12 August 2020, RAM Sustainability became an Approved Verifier for the certification of climate bonds under the Climate Bonds Standard & Certification Scheme after having been awarded the status by the Climate Bonds Standards Board. For further details, please refer to https://www.ram.com.my/sustainability.

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