Monday, Oct 03, 2005
MARC has assigned a rating of MARC-1ID (cg) and AA-ID (cg) to Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium-Term Notes (MMTN) respectively (collectively known as the Programme) of up to a nominal value of RM300 million. The ratings reflect the unconditional and irrevocable corporate guarantee given by Gamuda Bhd (Gamuda), a leading construction company in Malaysia with shareholders’ funds of over RM2.0 billion.
Listed on the Main Board of Bursa Malaysia since 1992, Gamuda’s major business activities are civil engineering & construction, manufacturing, property development, toll roads and privatisation of water projects. In FY2004, Gamuda recorded another excellent year of performance on the back of improvements achieved by all segments. Against this backdrop, the group posted a growth of 19% and 17% in revenue (FY2004: RM1.7 billion) and net profit (FY2004: RM283 million) respectively.
HISB, a wholly-owned subsidiary of Gamuda, is the developer of Bandar Botanic, an integrated township with mixed developments of semi-detached houses, bungalows, super link homes, double storey terrace homes, apartments and commercial units. The GDV for launched and future phases amounted to RM1.2 billion and RM1.8 billion respectively. Strategically located within Klang, Bandar Botanic is well served by a network of highways such as the Federal Highway, North-Klang Valley Expressway and North-South Expressway Central Link. Since its launch, Bandar Botanic has recorded an average take-up rate of 92% and its sales have been a primary source of HISB’s revenue.
The proceeds from the Programme will be utilised towards refinancing of HISB’S existing debts, shareholder’s advances, and/ or any securities issued by HISB to shareholders; for general working capital purposes; and for other general funding requirements including the purchases of land.
Listed on the Main Board of Bursa Malaysia since 1992, Gamuda’s major business activities are civil engineering & construction, manufacturing, property development, toll roads and privatisation of water projects. In FY2004, Gamuda recorded another excellent year of performance on the back of improvements achieved by all segments. Against this backdrop, the group posted a growth of 19% and 17% in revenue (FY2004: RM1.7 billion) and net profit (FY2004: RM283 million) respectively.
HISB, a wholly-owned subsidiary of Gamuda, is the developer of Bandar Botanic, an integrated township with mixed developments of semi-detached houses, bungalows, super link homes, double storey terrace homes, apartments and commercial units. The GDV for launched and future phases amounted to RM1.2 billion and RM1.8 billion respectively. Strategically located within Klang, Bandar Botanic is well served by a network of highways such as the Federal Highway, North-Klang Valley Expressway and North-South Expressway Central Link. Since its launch, Bandar Botanic has recorded an average take-up rate of 92% and its sales have been a primary source of HISB’s revenue.
The proceeds from the Programme will be utilised towards refinancing of HISB’S existing debts, shareholder’s advances, and/ or any securities issued by HISB to shareholders; for general working capital purposes; and for other general funding requirements including the purchases of land.