Monday, Apr 17, 2006
MARC has placed Mithril Bhd’s (“Mithril”) RM59 million Redeemable Convertible Secured Loan Stocks (“RCSLS”) on MARCWatch with a Negative Outlook, with the likelihood of suspension if the relevant information is not provided within two weeks of this announcement. The initial rating of BBB was assigned in October 2003 and affirmed in December 2004. The action is due to Mithril’s failure, despite numerous requests, to provide information to MARC to carry out its second annual surveillance review.
Mithril Berhad (Mithril) was incorporated in April 2002 as a shell company to facilitate the restructuring exercise of Tajo Berhad (Tajo). Pursuant to the exercise, Mithril acquired Saferay (M) Sdn Bhd (Saferay) and two Malaysian Assurance Alliance (MAA) buildings located in Kota Kinabalu, Sabah and Kuching, Sarawak. Following the completion of the exercise, Mithril took over Tajo’s listing status on the Second Board of Bursa Malaysia and became a wholly-owned subsidiary of Mithril.
Tajo was incorporated in 1976 and was listed on Bursa Malaysia in November 1991. Its principal activities are the manufacture, distribution and selling of bricks. Saferay, is principally involved in the manufacture and sale of architectural mouldings and decorative ornaments from polyurethane rigid form (PU) for interior and exterior decorations, renovations and redecoration. The two commercial properties are leased to MAA and provide a stable income stream to the company.
MARC will monitor the developments affecting Mithril and disseminate any rating implications in due course.
Mithril Berhad (Mithril) was incorporated in April 2002 as a shell company to facilitate the restructuring exercise of Tajo Berhad (Tajo). Pursuant to the exercise, Mithril acquired Saferay (M) Sdn Bhd (Saferay) and two Malaysian Assurance Alliance (MAA) buildings located in Kota Kinabalu, Sabah and Kuching, Sarawak. Following the completion of the exercise, Mithril took over Tajo’s listing status on the Second Board of Bursa Malaysia and became a wholly-owned subsidiary of Mithril.
Tajo was incorporated in 1976 and was listed on Bursa Malaysia in November 1991. Its principal activities are the manufacture, distribution and selling of bricks. Saferay, is principally involved in the manufacture and sale of architectural mouldings and decorative ornaments from polyurethane rigid form (PU) for interior and exterior decorations, renovations and redecoration. The two commercial properties are leased to MAA and provide a stable income stream to the company.
MARC will monitor the developments affecting Mithril and disseminate any rating implications in due course.