tenure of 10 years with profit rate of 3.2% per annum. Subsequently, on 1 November 2018, TGVC had a second issuance of USD750.0 million for a tenure of 10 years with a profit rate of 4.9%. Both issuances were listed and quoted on Bursa Malaysia Securities Trading (under the Exempt Regime) and on the Singapore Exchange Securities Trading Limited at its respective issuance date. The proceeds from the issuances of the Sukuk Programme above were transferred by TGVC to the Company under the same terms as the Sukuk Programme. (ix) Sukuk - Islamic Medium Term Note Sukuk Wakalah (RM5.0 billion) On 6 July 2017, the Company established unsecured RM5.0 billion Islamic Medium Term Note Sukuk Wakalah. The Sukuk Programme is to finance capital expenditure, investment, general corporate purpose, workingcapital requirements and/or refinance any existing financing facilities of the issuer and/or its subsidiaries and to defray any fees and expenses of the Sukuk Programme. On 3 August 2017, the Company issued RM2.0 billion Sukuk Wakalah which comprised RM500.0 million with 15 years tenure and RM1.5 billion with 20 years tenure, with profit rates of 5.0% and 5.2% respectively. On 29 August 2018, the Company issued RM3.0 billion Sukuk Wakalah which comprised RM1.0 billion with 15 years tenure and RM2.0 billion with 20 years tenure, with profit rates of 4.8% and 5.0% per annum respectively. (x) Sukuk - Southern Power Generation Sdn. Bhd. (‘SPG’) On 31 October 2017, SPG issued a Sukuk Wakalah of RM3.7 billion in nominal value to finance the construction of a 1,440MW gas-fired power plant and associated facilities, including the interconnection facilities. The tenure of the facility agreement is 18 years with profit rates between 4.7% and 5.6% per annum. The sukuk facility agreement consists of 28 tranches with tenures ranging from 4.5 years to 18 years. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 274 26 BORROWINGS (CONTINUED) (b) Bonds or Sukuk (continued) (x) Sukuk -