In 2021, Stealth Solutions Sdn Bhd (SSSB) established an Islamic Medium Term Notes (IMTNs) Programme of up to RM1,000.0 million (“IMTN Programme”), which, together with an Islamic Commercial Papers (ICPs) Programme of up to RM500.0 million (“ICP Programme”), provides a combined aggregate limit in nominal value of up to RM1.0 billion. These programmes are structured based on the Shariah principle of Ijarah (leasing), ensuring full compliance with Islamic finance standards. The Sukuk Ijarah Programmes were executed through Cellco Capital Berhad, a special-purpose vehicle established by SSSB to facilitate the issuance.
SSSB completed the first issuance (Issue 1) under the Sukuk Ijarah Programmes, raising up to RM520 million. Issue 1 was assigned a rating of MARC-1IS/AAIS by the Malaysian Rating Corporation Berhad (MARC), with a stable outlook.
The assigned ratings reflect SSSB’s strong cash flow visibility backed by long-term lease agreements with key domestic telco players, low counterparty risk of telco players, and the growing demand for telco towers. The stable outlook reflects MARC’s expectations of stable operating performance, underpinned by timely lease payments, and the projected average post-distribution finance service cover ratio (FSCR) being maintained above 2.0x.
This Sukuk Ijarah Programme was honored with the prestigious Deals of the Year 2021 award in the category of Structured Finance Deal of the Year by Islamic Finance News for its first issuance. The award recognized the innovative structuring of the RM520 million issuance, which was backed by lease payments from 531 telecommunication towers.
This collaboration between Stealth Solutions Sdn Bhd and Cellco Capital Berhad demonstrates a unified commitment to advancing Malaysia’s telecommunications infrastructure. By leveraging innovative, Shariah-compliant financing mechanisms and aligning operational and financial expertise, these entities contribute significantly to national economic growth and the country’s ongoing digital transformation.
For additional information: https://www.marconline.com.my/press/605386
