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30. iStiSnA’ BonDS AnD muRABAhAh CommeRCiAl PAPeR (“mCPS”)/muRABAhAh meDium teRm noteS (“mmtnS”) (Cont’D)
mCPs/mmtns (current)
2010 2009
Rm’000 Rm’000
Nominal value 100,000 100,000
Less: Discount and issuance expenses (9,830) (2,823)
Net proceeds from issuance of MCPs/MMTNs 90,170 97,177
Amortisation of discount 8,428 1,895
Amount included within borrowings 98,598 99,072
Total amount included within borrowings 345,046 344,516
Maturity of Istisna’ Bonds and MCPs/MMTNs:
Within 1 year 98,598 99,072
More than 2 years and less than 5 years 177,443 117,814
5 years or more 69,005 127,630
The Istisna’ Bonds and MCPs/MMTNs are secured by the following:
345,046 344,516
(i) Debenture dated 16 August 2005 whereby Bayu Padu Sdn. Bhd. (“BPSB”), a wholly owned subsidiary of the Company has created
a first fixed and a first floating charge over all its assets and properties;
(ii) Assignment of receivables dated 16 August 2005 whereby BPSB has absolutely assigned all its rights, title, interest and benefits
in and towards all receivables owing to BPSB by any third party from time to time;
(iii) Assignment of Designated Accounts dated 16 August 2005 and Supplemental Assignment Of Designated Accounts dated 20 March
2006 and Supplemental Assignment Of Designated Accounts II dated 13 April 2007 whereby BPSB has absolutely assigned all its
rights, title, interest and benefits in and towards the Designated Accounts;
(iv) Assignment of the Bai’ Bithaman Ajil Agreement dated 16 August 2005 whereby BPSB has absolutely assigned all its rights, title,
interest and benefits in and towards the agreement dated 16 August 2005 made between BPSB and SapuraCrest under the
Syariah principle of Bai’ Bithaman Ajil under which BPSB sells to SapuraCrest and SapuraCrest purchases from BPSB all of BPSB’s
rights, title, interest and benefit in and towards the Sapura 3000 on a deferred payment basis;
(v) A guarantee from the Company dated 16 August 2005 and Supplemental Guarantee dated 20 March 2006 to secure the payment
and repayment of the Istisna’ Bonds and MMTNs;
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SapuraCrest Petroleum Berhad
Annual Report 2010