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Velesto plans to issue RM1b Sukuk wakalah (ICP+IMTN), guaranteed by the company. The credit rating is solid, and it's mainly to give them more flexible funding for capex, refinancing, or day-to-day operations
Fuel cost might hit margins initially, but airlines often pass it on by raising fares and trimming capacity. AAX fares seem to be up about 5-10% recently.
At the same time, institutional investors are starting to look at Malaysia's oil & gas sector again due to relatively low valuations, attractive dividend yields, and its role as a hedge against geopolitical risks.