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Axiata Group Berhad | Annual Report 2016
FINANCIAL STATEMENTS
192
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016
16. BORROWINGS (CONTINUED)
(c) Sukuk of the Group consist of a Multi-Currency Sukuk Programme, a Sukuk Murabahah Programme, and a Sukuk Ijarah issued as follows:
(continued)
(iii) Sukuk Ijarah
On 28 October 2015, XL established a Sukuk Ijarah Programme of up to IDR5.0 trillion in nominal value. The Sukuk Programme was
established under a 2-year shelf registration programme. The issuance of Shelf Sukuk Ijarah 1 XL Axiata Tranche I Year 2015 (“Tranche
I Sukuk”) amounting up to IDR1.5 trillion was based on the Shariah principle of Ijarah with the payment of Ujrah to be made quarterly
in arrears. On 2 December 2015, Tranche I Sukuk was listed and quoted on Indonesian Stock Exchange (“IDX”). The detail of Tranche 1
Sukuk as below:
Annual fixed
Ijarah return
Maturity date
Nominal value
(IDR million)
Series B
26,445
2 Dec 2018
258,000
Series C
33,915
2 Dec 2020
323,000
Series D
46,750
2 Dec 2022
425,000
1,006,000
Revenue sharing of Sukuk Ijarah is paid on quarterly basis with the first payment is due on 2 March 2016 and the last payment is paid
simultaneously with payment of principal of each series of the Sukuk Ijarah.
(d) On 31 March 2016, the Company undertook a total of RM3,587.2 million (or USD910.0 million) loan from Bank of Tokyo Mitsubishi UFJ, Labuan.
The loan has tenure of twelve (12) months from the date of the Facility Agreement and carries a contractual interest rate of LIBOR + applicable
interest margin payable at the option of the Company either on one (1), two (2) or three (3) months basis. On 29 July 2016 and 30 September
2016, the Company had early settled a total amount of RM689.0 million (USD170.0 million) and RM321.5 million (USD78.0 million) respectively.
(e) The borrowings are secured by charges over shares of edotco SG.
(f) The borrowings of the Group are subject to certain covenants. The covenants require that certain ratios (Debts over Assets, Earnings before
interest, tax, depreciation and amortisation (“EBITDA”) to Borrowing/Finance Costs and Debts to EBITDA) to be met, limitation to certain
assets sales or transferred and maintaining majority ownerships in certain subsidiary by the Group. The Group is in compliance with the
covenants of its borrowings at each reporting date.
(g) The total floating interest rate borrowings of the Group are RM9,715.1 million (2015: RM7,766.4 million) as at the reporting date.