MARC has assigned the ratings of AAAIS and AA+IS to IJN Capital Sdn Bhd’s (IJNC) RM100 million Sukuk Musyarakah with maturities of seven (7) years or less from the date of first issue and RM109 million with maturities of more than seven (7) years from the date of first issue, respectively. The ratings stem from IJN’s position as one of the leading cardiac centres in Malaysia, Asean and the Asia-Pacific region. Meanwhile, the AAA Sukuks are backed by receivables from the Government; a specified percentage of which will be swept to a Specific Revenue Reserve Account. Proceeds from the issuance will be utilised for the refurbishment and improvement works on IJN’s existing hospital building and construction of a new hospital block adjacent to the existing building, including purchase of medical and non-medical equipment to be commissioned.

Formed in 1992, IJN is dedicated to serving the needs of heart patients by providing

cardiology, paediatric cardiology and cardiothoracic surgery services for both adult and paediatric cases. Over the past 12 years in operation, IJN has seen a total of 894,748 outpatients and 105,133 inpatients. During the same period, IJN performed over 28,000 surgeries – open heart, closed heart and thoracic surgeries and conducted over 60,000 interventional cardiology procedures.

Reported earnings and profitability in 2004 were the highest ever recorded by IJN, reflecting the growth in patients’ attendances, admissions and procedures as well as better cost efficiency and a revised fee structure. All rates are determined by the Government.

IJN is currently debt-free. Based on the current shareholder’s funds of RM200 million, the RM209 million Sukuk issuance will result in a pro-forma debt leverage of 1x.